New Delhi, Jan 11 (IANS) IL&FS has granted in principle approval for an alternate option to monetise international assets that have not received optimum bids.

For nine international special purpose vehicles (SPVs) having an aggregate fund-based external debt of Rs 7,247.9 crore and aggregate internal fund-based debt of Rs 4,107.7 crore for which either the bids received were significantly lower than the average fair market value or where no bids were received.

In this regard, the new board has evaluated an alternate option within the existing legal regime (i.e. of an InvlT) and granted in-principle approval to implement the same, which if implemented, is likely to represent a more optimal recovery for creditors of these 9 entities as well as ITNL (the holding company of these 9 ITNL InvIT SPVs).

In addition, the new board has engaged with the concessioning authorities in connection with terminated projects and with the initiative of MoRTH (in terms of the MoRTH guidelines), is in discussions for 8 SPVs in the domestic roads vertical to recover over Rs 3,300 crore (which is subject to final discussions) in cases where otherwise nothing would have been recoverable by these entities or creditors of these 8 entities.

The new board has (along with its advisors) made significant efforts to identify 55 entities that can be excluded from the scope of the October 15 Order.

Removal of these entities from the moratorium will not otherwise hinder the resolution of the other members of the IL&FS Group, which will continue under the aegis of the October 15 order until further orders.

Rather, it will assist the new board in focusing on resolution of the key entities within the IL&FS Group (which are in different stages of progress) and enable an orderly resolution of the IL&FS Group in line with the mandate provided to the new board.

–IANS

san/pcj

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