The flagship lending unit of Infrastructure Leasing & Financial Services Ltd (IL&FS) has seen 90 per cent of its loans go sour, a company executive said on Wednesday, as the current management tries to recover dues from external agencies to pay its debt.
IL&FS Financial Services Ltd, commonly called IFIN, has seen its share of bad loans shoot up to 90 per cent as of December 2018 from 5 per cent in March 2018, said Uday Kotak, non-executive chairman of the company. This has made it difficult to recover money from its receivables to pay off bankers and other financial institutions who have lent to other arms of the company.
