ILF&S debt recovery
The new board of IL&FS expects the resolution process undertaken by the group to lead to an overall recovery of 50 per cent of its outstanding debt, Uday Kotak, chairman of IL&FS, said on Tuesday.
Kotak was addressing shareholders of the infrastructure financier at its 32nd annual general meeting (AGM). It was the first AGM that was convened by the new board.
He pointed out that the group was working towards addressing a “significant portion” of the outstanding debt of Rs 94,000 crore by July 2020.
According to Kotak, the IL&FS group has emerged as a “test case” on group-wide resolution of stressed assets.
