IL&FS, a financially stressed non-banking financial company (NBFC), has invited bids to sell its real estate assets to raise funds and trim its massive debt, reports The Tribune.

The infrastructure-lending company major has put up six of its properties on the block, with five properties in Mumbai, including a fourteen-storey commercial tower, and one commercial building in Kolkata.

“Today is a market where there are value purchasers. Everything available at the distressed value will certainly attract buyers. So, at the right and fair pricing, these properties will certainly find takers. And for a good quality commercial office building, there are always large investors who are chasing for it,” said Pankaj Kapoor, managing director of Liases Foras, to Mint.

IL&FS, one of India’s top NBFCs that lent heavily to big infrastructure projects, defaulted on its loan repayments in September 2018. This default triggered a market-wide liquidity crisis in the Indian financial system. The company has an accumulated debt of Rs 91,000 crore.

Following the takeover, the government moved swiftly and replaced the company’s board with its nominees, including Uday Kotak, the government's banking crisis manager.

Unlike commercial banks, NBFCs don’t accept deposits or issue cheque books to its customers. However, they undertake lending operations.

Also Read: IL&FS Rescue: A Direct, But Temporary, Government Takeover May Be Less Expensive