IL&FS Financial Services  (IFIN) recovers Rs 1,379 cr loan; gross NPA at 97%

New Delhi: Crisis-hit IL&FS Financial Services (IFIN) has recovered around Rs 1,379.9 crore, including loans provided and investments made in third party borrowers and to IL&FS Group companies as of November 30.

Post the recovery, IFIN has a cash balance of Rs 1,450 crore which inlcudes and its gross non-performing asset (NPA) by the end of November standing at 97 per cent, according to a recent affidavit filed by the Ministry Corporate Affairs (MCA) at the the National Company Law Appellate Tribunal (NCLAT).

The MCA has submitted the fresh affidavit in the company law tribunal representing the new IL&FS Board which took over the group in 2018.

Out of the total recovery, around Rs 1,309.9 crore came from around 30 third party borrowers, it said.

“IFIN has been able to recover monies aggregating to Rs 13.1 billion from third party borrowers comprising recovery of Rs 10.5 billion under the credit exposure (including interest) and Rs 2.6 billion under the investment exposure,” the affidavit said.

“The cash balance as on November 30, 2019 stood at Rs 14.5 billion (including other income and net of operating expenses) vis a vis opening balance of Rs 2.37 billion.”

Further, it also mentioned that IFIN has entered into resolution with five third party borrowers wherein the entire principal outstanding of Rs 6,100 crore would be repaid along with the applicable interest. Of the Rs 6,100 crore an amount of Rs 1,300 crore towards principal along with applicable interest has been recovered as on November 30, 2019 and an amount ot Rs 4,800 crore along with applicable interest is expected to be recovered in future, it said. (IANS)

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