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.
Led by Kotak as the chairman, the board of IL&FS is now expecting to address Rs 50,000 crore of the debt by the end of September. It should also be noted that as per a statement issued by the board of IL&FS, the recovery being targeted is higher than the average recovery observed under the Insolvency and Bankruptcy Code (IBC) since its inception.
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.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
