The bankruptcy tribunal has allowed an IL&FS unit to receive the settlement claim it made against the National Highways Authority of India (NHAI).
Fagne Sonagarh Expressway Ltd (FSEL) will receive Rs 708 crore from NHAI under guidelines for resolution of road projects that have been stuck for various reasons. NHAI had last year approved the claim.
FSEL was supposed to deliver the Rs 2,000 crore 140 km project in May 2019 but could not complete it on account of financial distress and defaults.
Last month, the board of debt-laden infrastructure financier IL&FS said it had addressed Rs 32,000 crore of the group's overall debt so far.
The board, led by businessman banker Uday Kotak, is further planning to sell real estate assets worth Rs 3,500 crore ($490.53 million) and stakes in Gujarat International Finance Tec-City value at about Rs 1,200 crore ($168 million).
IL&FS has also received binding bids for 10 road assets and five assets with a combined total debt of Rs 9,500 crore. It is also setting up an infrastructure investment trust (InvIT) for nine road assets with a total financial debt of more than Rs 11,000 crore.
The troubled and complex infrastructure and financial group is in the midst of resolving its debt of about Rs 99,000 crore ($13.8 billion), and has been trying to sell several assets to repay debt obligations after multiple defaults led to a major liquidity crunch in the non-banking financial sector.
Last month, IL&FS Solar Power, a 100% subsidiary of IL&FS Energy Development Company Limited, cleared all its debt worth Rs 845 crore ($115.5 million).
In December, IL&FS sold its 49% stake in Chinese road builder Chongqing Yuhe Expressway Co. Ltd to a fund managed by Ping An Insurance.
In the July-September quarter, the group was able to address debt of just around Rs 1,460 crore (around $200 million) as against an earlier estimate of around Rs 8,800 crore (around $1.2 billion) during the period.
