IL&FS resolution under Kotak completes Rs 61,000 crore of Rs 99,355 crore debt
Three-and-a-half years after the government asked banker Uday Kotak to head a new board to salvage the largest non-banking infra lender IL&FS that went belly up in October 2018, the management has announced the resolution of Rs 61,000 crore or 62 per cent of the Rs 99,355 crore the group with 347 entities owed to the system.
Addressing the media, Kotak also announced the end of his term as the chairman of the six-member board from April 2, and the elevation of managing director C S Rajan as chairman and managing director for a six-month term.
