IL&FS recovers Rs 33.28 cr via sale of assets, including luxury cars

Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has recovered Rs 33.28 crore through the sale of various vehicles, including luxury cars, and moveable fixed assets.

The identification of these assets started in December 2018 and auctions were conducted in various phases, the group said.

It had identified a total of 38 luxury vehicles within the group, which had a purchase price value of Rs 25 lakh and above, a release said.

Of these, 34 vehicles were sold and two were surrendered to the leasing company, it said.

"The sale (of luxury vehicles) was conducted via public auction and an amount of Rs 7.33 crore was realized," IL&FS said.

Two luxury vehicles continue to remain within the group due to loans created on them and could not be sold.

The group said 20 other vehicles (cars, two-wheelers, and project vehicles) of various makes were also identified and sold for Rs 65.33 lakh, with the amount duly realised.

It also recovered Rs 25.30 crore through auction of movable assets of various group companies, such as furniture and fixtures, electrical installations, lease improvements, old printers and UPS.

These assets were at the offices, branches and project sites of group companies that are closed or surrendered, it said.