Three IL&FS entities enter into pact with secured lenders


Three IL&FS entities enter into pact with secured lenders

As part of its ongoing resolution process, IL&FS signed binding term-sheets with secured lenders of three entities — Moradabad Bareilly Expressway, Jharkhand Road Projects and West Gujarat Expressway. These three entities have a cumulative debt of around Rs 5,000 crore towards Bank of Baroda and L&T Infrastructure Finance Company, among others.

Last week, senior advocate Ramji Srinivas, appearing on behalf of IL&FS, informed the National Company Law Appellate Tribunal that repayment to lenders will commence shortly. FE had earlier reported that the IL&FS board was in talks with lenders to restructure the debt of five entities, including the ones mentioned above.

The revised agreement includes certain concessions given by debtors, including release of cash flow from existing accounts to service financial and operational creditors Read More

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