New Delhi, Nov 2 : Crisis-hit IL&FS has finalised the InvIT structure for its road assets with a view to resolve debt of about Rs 15,000 crore. In the process the company has formed a sponsor company, appointed investment manager, infused fresh equity to meet Rs 100 crore net worth and is likely to shortly approach SEBI for final approval, sources said. IL&FS has set up Roadstar Infra Private Limited (RIIPL), as a new subsidiary of IL&FS Transportation Networks India Limited (ITNL) to act as a sponsor to the proposed InvIT and North Karnataka Expressway Limited (NKEL) has been appointed as investment manager to the proposed InvIT. Further, people in the know, said that to meet the SEBI's InvIT norm of Rs 100 crore net worth, ITNL has infused fresh capital of Rs 75 crore in the sponsor entity post receipt of requisite approvals. In addition, NKEL, the proposed investment manager of the InvIT, will be transferred by ITNL to Roadstar Infra Private Limited. IL&FS has received in-principle approval from SEBI for registering the InvIT and is likely to approach SEBI shortly for seeking final registration of the trust. In the first phase, the InvIT will hold seven SPV or road assets with total debt of Rs 9,000 crore. Subsequently, four additional SPVs, with total debt of over Rs 5,700 crore, are planned to be transferred to the InvIT in the second phase. The draft valuations of SPVs for the first phase are being finalised to determine the quantum of debt that will be addressed. The committee of creditors (CoC) of ITNL has already provided in-principle approval for formation and transfer of assets to the proposed InvIT. "IL&FS InvIT will be the first of its kind vehicle for resolution of debt owed to lenders of ITNL and other group entities," an IL&FS spokesperson told IANS, while confirming the development. State Bank of India, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank are some of the key lenders to ITNL that participated in the e-voting process with other creditors and debenture holders. The process to transfer nine road assets to InvIT will involve approvals from respective boards and lenders of these companies, board and lenders of ITNL, retired Supreme Court Justice  D.K. Jain and NCLT to complete the process. The 11 assets proposed under InvIT include, Moradabad Bareilly Expressway Limited, Jharkhand Road Projects Implementation Company, Baleshwar Kharagpur Expressway, RIDCOR, Sikar Bikaner Highway, Western Gujarat Expressway, East Hyderabad Expressway, Thiruvananthapuram Road Development, Barwa Adda Expressway, PSRDCL and HREL. According to IL&FS, the phase-1 of InvIT structure will complete by end of the calendar year. /IANS