IL&FS Inches Closer to Resolving Debt Crisis for 58 Remaining Firms

The Insolvency appellate tribunal has set a deadline of March 31, 2025, for the IL&FS group to resolve the debts of 58 remaining firms. The process, already advanced with 188 entities resolved, aims to recover a total of Rs 61,000 crore, addressing 61% of the group's overall debt.

The debt-laden IL&FS group has been directed by the Insolvency appellate tribunal to finalize the resolution process for its remaining 58 firms by March 31, 2025. The tribunal has also extended the moratorium until this date to aid the completion of these proceedings.

A two-member bench noted that significant progress has been made in the resolution process, with deeper efforts now required to address the IL&FS group's complex financial challenges.

The National Company Law Appellate Tribunal (NCLAT) is closely overseeing these efforts, with further orders scheduled for April 2025, as efforts continue to manage the residual debt burden.

(With inputs from agencies.)