Report: 55 of 169 domestic arms of IL&FS self-sustainable

| | Mumbai
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Report: 55 of 169 domestic arms of IL&FS self-sustainable

Thursday, 15 August 2019 | PTI | Mumbai

Of the 169 domestic subsidiaries of the bankrupt IL&FS Group, the resolution professional has classified 55 as green in its fifth progress report submitted to the NCLT as none of them had any defaults/pending overdues, or any issues with cash-flow from its operations.

These 169 entities have been classified into three categories — green, amber and red — based on their cash flows in the last 12 months, according to a filing by the RP to the tribunal Thursday.

Asp per the filing, 13 entities are classified amber as they are not able to meet financial obligations during the period and could only meet operational payments obligations.

Further, 82 entities are classified as red, while 8 are going in for liquidation and classification of 11 are currently underway, it added.

The IL&FS board, headed by banker Uday Kotak, also said the ‘red’ entities owe Rs 61,375 crore, while the ‘amber’ entities owe Rs 16,372.6 crore and ‘green’ owe Rs 11,022.9 crore. And the 11 entities yet to be classified, owe a debt of Rs 5,895.9 crore.

The progress report also said assets for which sale process has been launched so far (except certain non-core assets) account for about Rs 50,000 crore of the total outstanding fund-based debt of Rs 94,000 crore.

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