Creditors of IL&FS Financial Services to get Rs 3,200 cr interim payout

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IL&FS Financial Services’ creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018.
The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday.
In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018.
The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018.
Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore.
Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

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