IL&FS Case: ED summons NCP leader Jayant Patil on May 12
As per an official, the Maharashtra NCP president has been asked to appear before the probe agency on Friday
Leasing and Financial Services (IL&FS) on Wednesday said it expects to address Rs 58,000 crore or 95 per cent of its estimated debt recovery target by March 2022.
In April this year, the debt-laden group had revised its estimates for aggregate debt recovery to Rs 61,000 crore beyond September 2021. The group’s overall debt stood at Rs 99,000 crore, as of October 2018.
In a presentation released on Wednesday, the group said a significant portion or Rs 50,000 crore of estimated recovery will be addressed by September 2021.
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About 95 per cent (Rs 58,000 crore) of estimated recovery (to be addressed) by March 2022, it said.
As of May 31, 2021, Rs 43,600 crore or 44 per cent of estimated recovery have been addressed, the group said.
Of the total 347 entities under IL&FS Group (as of October 2018), a total of 211 entities have been resolved as of May 31, 2021, the presentation showed.
The group expects to complete resolution of 41 more entities by March 2022.
The resolution of balance 95 entities with an estimated recovery of Rs 3,000 crore is likely to go beyond March 2022.
High number of residual entities with low recovery potential would remain beyond March 2022, the group said.
It said the challenges it faces for resolution of these 95 entities include limited buyer universe, the long-drawn process for closure and time and costs to keep the IL&FS Group as a going concern for completing the resolution.
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