State Bank of India (SBI) and IL&FS have different views on debt restructuring at ITPCL, the bankrupt financier s power joint venture entity. SBI wants an assessment of the liquidation value before signing on the proposal, while IL&FS, as part of its resolution framework, is not obligated to undertake a liquidation assessment for this asset. Last month, lenders approved a restructuring plan for ITPCL, with 59% of its debt classified as sustainable and the remaining 41% converted into non-convertible debentures. ITPCL operates a 1,200-MW power plant in Tamil Nadu.
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
The IL&FS Group has settled around Rs 35,650 crore of its total debt of Rs 99,000 crore through asset monetisation, auto debits by banks and repayments as of September.
IL&FS Group has repaid ₹2,150 crore to senior secured lenders of IL&FS Tamil Nadu Power Company (ITPCL). This repayment is part of a debt restructuring plan approved by 88% of lenders and has reduced ITPCL s outstanding principal by over ₹1,900 crore. The company is also in the process of obtaining approvals for the disbursement of an additional ₹300 crore.