IL&FS has completed the interim distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company.
The group has paid a total of Rs 1,273 crore, of which Rs 1,252 crore has been paid to the secured financial creditors, for RMGSL.
The total claims of secured financial creditors, –including Canara Bank, Union Bank, Central Bank, Punjab & Sind Bank, and India International Finance Company Limited (UK)– in RMGSL, were Rs 1,546 crore.
This distribution, thus, translates into a recovery of around 81 per cent to these secured financial creditors.
The four PSU banks have received over 75 per cent of the said RMGSL distribution payout.
The IL&FS Board had approved this payout in its meeting last month.
IL&FS has already completed the interim distribution of Rs 623.3 crore for Rapid Metro Gurgaon Limited (RMGL), which translated into a recovery of 83 per cent for secured financial creditors, as against their total claims of Rs 752 crore.
RMGSL and RMGL have also completed payout to unsecured creditors.
On an aggregate basis, the group has now paid around Rs 1,908 crore on an interim basis to creditors in these two companies.
IL&FS, under the Interim Distribution Framework, proposes to distribute an aggregate amount of Rs 16,361 crore across select Group companies.
The proposed distribution of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in Invit units and is being undertaken as per the Interim Distribution Framework approved by NCLAT in June 2022.
The Board had announced that a significant part (Rs 55,000 crore) of the overall resolution (of Rs 61,000 crore) would be completed by this fiscal year (subject to approvals).