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IL&FS Solar Power Limited (ISPL), a group company of IL&FS, has paid up its entire debt of ₹845 crore.
This debt has been repaid to all its creditors which include financial and operational debt, tax and statutory dues, IL&FS said.
ISPL had taken up construction and financing of a 100 MW AC solar power project in Bellary for Embassy Energy Private Limited (EEPL). The project was commissioned in 2018 and ISPL had raised secured and unsecured loans for the same. EEPL, as the project owner, was servicing ISPL through an equated monthly instalment (EMI) structure under a deferred payment agreement (DPA).
As per the DPA, EEPL has pre-paid the financial assistance provided by ISPL towards this project. The prepayment by EEPL has enabled ISPL to pay back the debt. ISPL will continue to provide certain services to EEPL in this project till the final resolution in accordance with the Resolution Framework is approved by NCLAT. This payment by ISPL supports the overall resolution process for the IL&FS Group and will be a key intermediate step in the resolution of ISPL, an entity for which no bids were received pursuant to the publicly solicited bid process launched in November 2018.
Also read: PFS clears resolution plan of IL&FS Tamil Nadu Power Co
In its last progress report, IL&FS said that it has resolved ₹19,100 crore of the group’s debt. It has around ₹99,000 crore in total debt. IL&FS is in the process of selling off assets and repaying debt despite some hiccups caused by the pandemic, which has delayed resolution.
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