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In a statement on Wednesday, the infrastructure lending major said that a critical focus of the new board, appointed in October last year, has been to maintain the going concern status for companies under the group."The new board of IL&FS, since taking charge in October 2018, has executed key steps towards addressing more than Rs 20,000 crores of debt. This represents a significant interim outcome in the overall resolution process for the IL&FS Group," it said.The company noted that 55 companies were classified as "green" which are servicing all their obligations. Further, measures have been taken for resolution of debt of three "amber" companies, which are in final stages of implementation and will result in these companies being re-classified as "green", it added.In its previous hearing at the National Company Law Appellate Tribunal (NCLAT), the bench headed by Justice S.J. Mukhopadhaya, directed IL&FS to file the status report on the 10 remaining "amber" companies on or before the next hearing on August 8.Currently there are 13 companies in the "amber" category. The new board at IL&FS had classified the IL&FS group companies into three categories "green", "amber", and "red" on the basis of their ability to service debt obligations to secured and unsecured creditors.Firms classified as "green" would continue to meet their payment obligations, while "amber" category firms can meet only operational payment obligations to secured financial creditors. Those under the "red" category are the entities which cannot meet their payment obligations at all.As per the company statement, another key focus of the new board has been to implement a group-wide asset monetisation program. In the process, ORIX Japan has exercised its shareholder rights to purchase renewable energy assets for a value that would cover the entire debt of Rs 3,800 crore and result in an equity release in excess of Rs 500 crore for the group subject to approval of the National Company Law Tribunal.On Monday, IL&FS had said that it has received approval from Justice (retd) D.K. Jain on the proposed sale of wind energy subsidiaries, held under IL&FS Wind Energy Ltd (IWEL), to ORIX Corporation of Japan. Justice Jain was appointed by the NCLAT to supervise the operation of resolution process of IL&FS Group companies."Sale process for assets under the Education and Roads verticals are at an advanced stage. Sale of Environment verticals and real estate assets are making progress. The Group has been focused on conserving its resources through multiple initiatives including expedited recoveries of loans made by the group, which will be used for discharging the creditors of the relevant companies in accordance with Resolution Framework filed with NCLAT," said the statement.( With inputs from IANS )

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Business :'Significant' outcome from ongoing resolution process: IL&FS

Crisis-ridden IL&FS on Wednesday said that its new board, headed by Uday Kotak, has taken key steps in resolving the over Rs 20,000 crore debt, which has resulted in "significant interim" outcome in the overall resolution process for the IL&FS Group. ...