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, 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.
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