L&FS Group pays back `29k cr so far
Latest interim pay-out of Rs920 cr was for Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network
Rs3,200-crore interim payout to IL&FS creditors
Mumbai: The IL&FS Group has so far paid back Rs29,000 crore to the secured creditors, with the latest being an interim pay-out of Rs920 crore for the Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network.
Chenani Nashri Tunnelway (CNTL) had a secured debt of around Rs5,500 crore and the interim payout takes the total to Rs6,019 crore in fiscal 2023. The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the Invit, subject to the outcome of pending legal proceedings and requisite approvals, the company said in an exchange filing over the weekend. The secured creditors of CNTL who have got the interim distribution include SBI, Canara Bank, Union Bank of India, UCO Bank, PNB, etc.
