IL&FS resolves Rs 55,000-cr debt; Uday Kotak to exit as tenure ends
Infrastructure Leasing & Financial Services Ltd (IL&FS) has addressed debt resolution of Rs 55,000 crore, or nearly 55 per cent of the debt, after the group became a defaulter, and the government superseded its board in October 2018. The tenure of Uday Kotak as non-executive Chairman will end on April 2 and the Ministry of Corporate Affairs has appointed CS Rajan Chairman and MD of IL&FS for six months with effect from April 3. The IL&FS group retained its overall resolution estimate at Rs 61,000 crore, representing 62 per cent of overall — fund-based and non-fund based—debt of over Rs 99,000 crore as of October 2018. "IL&FS is a case study for how we should think about the future of structure, regulation and governance and how we built a resolution framework in areas that are non-man's land," Kotak said.