A significant portion of the recoverable debt of IL&FS or around Rs 47,000 crore will be recovered only by July 2020 and not by March 2020 as anticipated earlier. This was conveyed by Uday Kotak, chairman of the government-appointed board of the insolvent infrastructure lender, on Tuesday while addressing the annual general meeting. Kotak also said the board is currently mulling the restructuring of Rs 10,000 crore of loans.
“IL&FS Group had emerged as a test case on group-wide resolution of stressed assets… The new board expects that measures undertaken would result in overall recovery in the region of 50% (of the outstanding debt as of September 30, 2018) but different across levels as well as entities,” Kotak said. The IL&FS group has external fund-based debt of over Rs 94,000 crore.
