On Thursday IL&FS said that it has addressed aggregate group debt of Rs 43,000 crore to date through the sale of assets and through other cash receivables. As part of its quarterly update on the progress of the ongoing Group resolution process, ILFS on Thursday said it has also increased the debt recovery target to Rs 61,000 crore.

“The Group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore—an increase of Rs 5,000 crore over its earlier estimate of Rs 56,000 crore. The increased estimate represents the resolution of nearly 62 per cent of overall fund-based and non-fund-based Group debt of approx. Rs 99,000 crore, as of October 2018,” the company said in a statement.

The aggregate debt of Rs 43,000 crore addressed to date represents nearly 71 per cent of the overall revised targeted recovery value of Rs 61,000 crore and 44 per cent of the overall debt of over Rs 99,000 crore (as of October 2018). “It may be kept in mind that the recovery target is higher than the average recovery observed under IBC since its inception,” the company added.

Of the 347 entities that IL&FS had under IL&FS Group (as of October 2018), 186 entities stand resolved to date, while the remaining 161 entities are under various stages of resolution. IL&FS which began operations as a road construction financing company, expanded its ambit to around 347 subsidiaries, amassing a debt pile of about Rs 91,000 crore in the process. In August 2018 when the company was unable to service bonds that were due to investors, it collapsed.