IL&FS to distribute Rs 20,000 cr proceeds to creditors by March end

The decision of interim distribution was taken because the group is expected to have a considerable amount of distributable assets, both in cash and InvITs, by March

The board of debt laden Infrastructure Leasing & Financial Services (IL&FS) has approved a proposal enabling interim distribution of proceeds to the extent of Rs 20,000 crore by March end (2022) to creditors of the group from the resolution of the entities of the group. An affidavit has been filed with National Company Law Appellate Tribunal (NCLAT) by the government on behalf of IL&FS to permit and approve the interim distribution mechanism, post which the proceeds can be transferred to the creditors.

“On approval, this will allow interim distribution of over Rs 20,000 crore in cash and InvIT units -