IL&FS Financial Revisions Submitted to NCLT

Revised financial statements of IL&FS Transportation and IL&FS Financial Services for 2013-2018 were submitted to NCLT. This follows a 2019 order allowing the recasting of accounts for three IL&FS companies. IL&FS is resolving its Rs 90,000 crore debt through asset resolution and has discharged Rs 35,650 crore as of September 30, 2023.

Revised financial statements for IL&FS Transportation and IL&FS Financial Services for the years 2013 to 2018 have been submitted to the National Company Law Tribunal (NCLT). This submission follows an order from the NCLT, dated January 1, 2019, which permitted the reopening and recasting of financial accounts for three IL&FS group companies.

The NCLT Mumbai bench, consisting of Prabhat Kumar and Justice Virendra Singh Bisht, has officially recorded the submissions. Further, a revised account was submitted on June 26, with the order being publicly updated on the subsequent Monday.

IL&FS is actively addressing its Rs 90,000 crore debt through asset resolution, having so far discharged Rs 35,650 crore by September 30, 2023. The organisation continues to resolve debts via monetisation and settlement of contracts with various concessioning authorities.