IL&FS Submits Revised Financial Statements for IL&FS Transportation and IL&FS Financial Services to NCLT

IL&FS, a major infrastructure financing company, has submitted revised financial statements for two of its group companies, IL&FS Transportation and IL&FS Financial Services, to the National Company Law Tribunal (NCLT). The revised financial statements cover the period from 2013 to 2018.

The submissions were made before a two-member bench of NCLT Mumbai, comprising Prabhat Kumar and Justice Virendra Singh Bisht, who have taken the revised financial statements on record. This development comes after the NCLT had earlier allowed the reopening and recasting of financial accounts for three IL&FS group companies, including IL&FS Transportation and IL&FS Financial Services.

The central government had suspended the board of IL&FS and appointed a six-member panel to oversee the restructuring of the debt-ridden company. Since then, IL&FS has been working towards settling its over Rs 90,000 crore debt through asset resolution.

As of September 30, 2023, IL&FS has already discharged a total debt of Rs 35,650 crore and aims to resolve a total of Rs 61,000 crore. The company is using monetization and termination/settlement of payments by its group entities to achieve this debt resolution target.

The crisis at IL&FS, which had a debt burden of Rs 94,000 crore, led to the appointment of a new board by NCLAT in October 2018. The new board was tasked with resolving the financial crisis and categorizing the group companies into green, amber, and red categories based on their financial positions.

Overall, the restructuring process at IL&FS is ongoing, with the company working towards resolving its debt obligations and stabilizing its financial position. The submission of revised financial statements to NCLT marks a significant step in this process, as IL&FS continues to work towards financial recovery.