IL&FS to address outstanding debt by July: Kotak

IL&FS Group is working towards addressing a ‘significant portion’ of the outstanding debt of Rs 94,000 crore by July 2020, its chairman Uday Kotak said on Tuesday.

The veteran banker said the company has emerged as a ‘test case’ on a group-wide resolution of stressed assets.

“The new board is committed to completing the resolution process at the earliest and is working towards addressing a significant portion of the addressable debt by July 2020,” Kotak informed the shareholders at the 32nd annual general meeting.

This is the first AGM conveyed by the new board.