Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has started repaying the creditors of three group entities, with outstanding claims of ₹5,071 crore, according to an affidavit filed before an appellate tribunal on Thursday.
IL&FS reached an agreement to restructure the debt of Moradabad Bareilly Expressway, Jharkhand Road Project Implementation Company and West Gujarat Expressway without any haircut for the lenders.The National Company Law Appellate Tribunal (NCLAT) passed a moratorium against the entities on October 15, 2018, for an orderly resolution of claims. IL&FS Group has total debt obligations of $94,215 crore. Defaults by its group entities triggered a liquidity crunch in the non-banking financial services sector in September 2018.