IL&FS recovery likely to be Rs 61,000 crore, 62% of total debt

The resolution from the IL&FS group is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent, said Uday Kotak, who was appointed the non-executive chairman of the company in October 2018 by the government after superseding the board at that time. The resolution process of IL&FS started three and half years ago after a new management was appointed by the government. Kotak’s term as non-executive chairman in IL&FS will end on April 2, after which managing director CS Rajan will take charge as chaiman and managing director. The ministry of corporate affairs has appointed Rajan as CMD for six months, with effect from April 3.