IL&FS case: They got 1300 crores including Canara Bank, this is the plan ahead

According to the report, about 81 per cent payment has been made to the Distribution Secured Financial Creditors. Four PSU banks have received more than 75 per cent payment. The IL&FS board had approved the pay-out in the board meeting held last month.

IL& FS has completed the interim distribution of Rs 1,273 crore for Rapid Metro Rail Gurgaon South Limited (RMGSL) , a group company of IL&FS. IL&FS said in a statement that out of this payment, Rs 1,252 crore has been paid to the secured financial creditors . The total claims of secured financial creditors – including Canara Bank, Union Bank of India, Central Bank of India, Punjab & Sind Bank and India International Finance Company Limited (UK) – to RMGSL stood at Rs 1,546 crore. Apart from this, Rs 979 crore has been transferred to Roadstar InvIT.

17 percent left

It has been said in the statement that about 81 percent of this distribution has been paid to the secured financial creditors. Four PSU banks have received more than 75 per cent payment. The IL&FS board had approved the pay-out in the board meeting held last month. IL&FS said it has already made an interim distribution of Rs 623.3 crore to Rapid Metro Gurgaon Ltd (RMGL), thereby paying 83 per cent of the secured financial creditors, against a total claim of Rs 752 crore. were.

Total payment of Rs 1908 crore

RMGSL and RMGL have also paid unsecured creditors. In all, the group has now paid about Rs 1,908 crore to creditors in these two companies on an interim basis. IL&FS has proposed to distribute an aggregate amount of Rs 16,361 crore to select group companies under the Interm Distribution Structure.

How much cash and how much invit

The proposed disbursement comprises Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units, and will be done in June 2022 in line with the framework approved by the NCLAT. IL&FS said the board had announced that a significant portion (Rs 55,000 crore) of the overall resolution (Rs 61,000 crore) would be completed by this financial year (subject to approval).