After a month, IL&FS Transportation Networks Ltd will be getting binding bids to sell 22 of its road assets that are up for sale. Just four of these 22 road assets have an unserviceable debt of Rs 1,050 crore.
The four road assets are Hazaribagh Ranchi Expressway Ltd, Jharkhand Road Project Implementation Company Ltd, Moradabad Bareilly Expressway Ltd and West Gujarat Expressway Ltd.
As per the supplementary affidavit filed before the National Company Law Appellate Tribunal, New Delhi last week, the total serviceable debt of these four entities stand at Rs 1,132 crore as against the unserviceable debt of Rs 1,050 crore.
Earlier, the new management of debt-laden IL&FS Group had classified these four firms as "amber" along with seven other entities.
Under the resolution plan, the government has categorised IL&FS Group companies in green, amber and red based on their respective financial positions. Companies under the green category continue to meet their payment obligations as compared to amber category wherein the companies that would not be able to meet their obligations but can meet only operational payment obligations of senior secured financial creditors.
Amber category entities are permitted to make only payments necessary to maintain and preserve the going concern. Companies under the red category are the one that cannot meet their payment obligations towards even senior secured financial creditors.
If all the 13 companies under the amber category are put together, the senior secured financial debt falling due and the operating expenses falling due in the testing period amounts to Rs 6,121 crore.
On the other hand, the total unserviceable debt of the 13 companies under "amber" classification during this testing period from the disposable cash is Rs 5,309 crore, which comprises the unsecured financial debt owed.
Next week, a management presentation will be made on the operational as well as under-construction highway projects with IL&FS Transportation Networks. Thereafter, other formalities would be carried out to eventually sell the road assets. The proceeds from the sales will help the company in paring its debt.
On December 17, the crisis-hit IL&FS had put its road assets under the IL&FS Transportation Networks on the block by inviting Expression of Interest.
The bunch of 22 assets includes seven operating annuity based projects having a total length of 1,774 lane km and eight other operational toll-based assets with 6,572 lane km. Four under construction road projects, with an aggregate of 1,736 lane km when ready, too are on the block. Apart from these, three engineering, procurement & construction, and operation & maintenance businesses of ITNL and a sports complex in Thiruvananthapuram will also be divested.
Meanwhile, the same supplementary affidavit also states that there are as many as 1,400 entities of all hues across the length and breadth of the country have a total exposure of a staggering Rs 9,700 crore, including that of employee provident and pension funds, in toxic IL&FS bonds.
The exposure is spread over different IL&FS entities – IFCI Financial Services, which is the bulk with 970 companies, followed by IL&FS Transportation Networks and Hazaribagh Ranchi Expressway.
MOVING AHEAD
- Rs 1,132 crore – Total serviceable debt of four road assets of IL&FS Trans
- Rs 1,050 crore – Unserviceable debt of the assets
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