Page 22 - Debt Resolution News Today : Breaking News, Live Updates & Top Stories | Vimarsana

India Business News: IL&FS, a company that faced a financial crisis five years ago, has announced that it has cleared 36% of its debt, amounting to Rs 35,660 crore. Anothe

CNTL, wholly owned by IL&FS Transportation Networks (ITNL), is likely to be resolved through transfer to an InvIT structure as part of its restructuring plan. This transaction follows Edelweiss' previous acquisition in 2021 when it purchased CNTL's loan of Rs 750 crore, recovering 75%-80% of the loan's value, originally sold by IndusInd Bank. CNTL currently has a total debt of Rs 5,454 crore, with Rs 4,195 crore owed to lenders and the remaining Rs 1,295 crore from IL&FS group entities.

IL&FS Group, which went bankrupt five years ago, has resolved Rs 35,650 crore of its debt through asset monetization and settlements with banks. This means the company has completed over half of the Rs 61,000 crore debt it aimed to resolve. The group has also made interim distributions of around Rs 10,000 crore to lenders across its entities.

Speaking at the seventh foundation day of the Insolvency and Bankruptcy Board of India, the rule maker and regulator, ministry of corporate affairs secretary, Manoj Govil, said the pace of debt resolution under IBC was steadily increasing.

The move seeks to make bankruptcy resolution more fool- proof by curtailing the scope of litigation and making the process smooth.