Insta
IL&FS Case: With Rs 43,000 Crore Of Debt Addressed, Targetted Recovery Raised By Rs 5,000 Crore To Rs 61,000 Crore
Uday Kotak speaks during an interview in Mumbai. (Abhijit Bhatlekar/Mint via Getty Images)
In a positive development, Uday Kotak led board of the Infrastructure Leasing and Financial Services (IL&FS) has successfully addressed Rs 43,000 crore debt of the bankrupt company, while also raising the expected overall recovery from the earlier estimate of Rs 56,000 crore to Rs 61,000 crore, reports The Hindu Businessline.
IL&FS had an overall debt of about Rs 99,000 crore as of October 2018. The Rs 43,000 crore component addressed so far constitutes about 44 per cent of the same, and 71 per cent of the revised recovery target of Rs 61,000 crore.
The Kotak led board of IL&FS has so far resolved 186 entities out of the total 347 entities which operated under the IL&FS Group as of October 2018. The remaining 161 entities are under various stages of resolution.
