The IL&FS board, led by Uday Kotak, on Monday revised the quantum of debt it expects to resolve to Rs 57,000 crore, more than half the total debt of Rs 99,000 crore. Of this, Rs 50,500 crore will be addressed by March 2021, the board said while revised the debt estimates to Rs 99,000 crore. Over Rs 57,000 crore of this amount would be resolved through multiple resolution modes.
The revised value is significantly higher than the average realisation so far, for financial creditors under the IBC process, the company said. Addressing the media on the progress of the ongoing resolution process, Uday Kotak, non-executive chairman, IL&FS, said the purpose of the update was “to have a sense of transparency, accountability both on behalf of the new board and the current whole-time management at IL&FS”.
