The new board of Infrastructure Leasing and Financial Services (IL&FS) expects to recover close to 50 per cent of the firm’s overall debt, which stands at above Rs 94,000 crore.
It also expects to complete the resolution process by July 2020 by paring a significant portion of the debt.
The board, led by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank, has taken a series of steps including “resolution, restructuring, and recovery” to pare debt in the absence of any requisite legal framework for group-level resolution under the Insolvency and Bankruptcy Code (IBC).
Kotak, in his address to