LIVE: A year after bad-loan crisis, state-appointed IL&FS board takes stock

The government-appointed board of Infrastructure Leasing & Financial Services (IL&FS) is speaking to the media, a year after it took over the debt-laden infrastructure financing and construction company.

IL&FS had made a series of defaults in September 2018, triggering widespread concern of a bad debt crisis lurking in India's shadow-banking sector.

Kotak Mahindra Bank Managing Director Uday Kotak was made the non-executive chairman of the IL&FS board and Vineet Nayyar, a former civil servant with a reputation for turning companies around, became the managing director and vice-chairman.

The board has been finding solutions to myriad problems — from IL&FS group having 348 entities to flagship Infrastructure Leasing & Financial Services Ltd (IL&FS) seeing 90 per cent of its loans going sour.

5:55 PM

302 IL&FS entities

Board has identified the resolution plan for all 302 IL&FS entities, says N Sivaraman, COO of IL&FS.

5:53 PM

'Innumerable problems still'

Still find ourselves faced with innumerable problems. Key objective was to achieve resolution to IL&FS Group; have brought in multiple partners to assist us to find a resolution, says Rajan

5:51 PM

Cash reserve of Rs 5,000 crore

Have built a cash reserve of Rs 5,000 crore, says CS Rajan, managing director of IL&FS

5:14 PM

Board's term extended by a year

Government extends by a year the term of the board it has appointed to oversee IL&FS.

5:13 PM

Government extends by a year the term of the board it has appointed to oversee IL&FS.