Infrastructure Leasing & Financial Services (IL&FS) has discharged Rs 484.63 billion in outstanding debt as of September 2025, moving significantly closer to its Rs 610 billion resolution target, according to PTI. The milestone reflects steady progress in resolving one of India’s most complex corporate debt crises since the group’s collapse in 2018.

In a status affidavit submitted to the National Company Law Appellate Tribunal (NCLAT), IL&FS confirmed repayments totalling Rs 484.63 billion as of 30 September 2025 — nearly 80 per cent of its stated goal. This marks an increase from Rs 452.81 billion repaid by March 2025, representing a 7.02 per cent rise in six months.

At the time of its collapse in 2018, IL&FS carried total debt of Rs 993.55 billion. Since then, asset sales, internal cashflows and interim distributions have contributed significantly to one of India’s largest debt restructuring efforts.

A substantial Rs 258.93 billion has been generated through asset monetisation, termination processes and transfers to Infrastructure Investment Trusts (InvITs). A further Rs 75.45 billion has come from auto-debits, revenue from profitable “green” entities and the release of non-fund-based financial exposures.

Additionally, IL&FS has distributed Rs 168.98 billion via interim cashflows, of which Rs 150.26 billion went directly to external financial creditors.

The group currently holds a total cash balance of Rs 85.75 billion. This includes Rs 4.06 billion earmarked for interim or final distributions, Rs 37.35 billion set aside for operational requirements, contingencies and routed claims, and Rs 41.08 billion held with subsidiaries undergoing resolution. IL&FS also holds InvIT units worth Rs 3.26 billion, received in exchange for asset transfers.

Since the crisis began, IL&FS has resolved 202 entities—including 76 domestic and 126 offshore units. Approval is pending for 36 domestic entities, while filings remain due for 62 others. The sale of Chenani Nashri Tunnelway Limited to Cube Highways remains one of the largest transactions in the group’s restructuring journey.

With Rs 484.63 billion already repaid and further monetisation and approvals underway, IL&FS is moving steadily towards completing one of India’s most challenging corporate debt resolutions.