IL&FS chairman Uday Kotak addressing a press conference on Tuesday in Mumbai. Photo/ANI
IL&FS chairman Uday Kotak addressing a press conference on Tuesday in Mumbai. Photo/ANI

Confident of recovering over 50 pc of Rs 97,000 crore debt: IL&FS chairman Uday Kotak

ANI | Updated: Oct 01, 2019 23:26 IST

Mumbai (Maharashtra) [India], Oct 1 (ANI): Infrastructure Leasing and Financial Services (IL&FS) board chairman Uday Kotak on Tuesday said that he is confident that over 50 per cent of the total debt of Rs 97,000 crore would be "recovered, restructured or resolved."
"We believe that there is a fair amount of recovery that we should be able to do. We are doing a lot of analysis. We are confident that we will be able to recover, restructure or resolve about 50 per cent or more of the total IL&FS debt of Rs 97,000 crore," Kotak said at a press conference here.
The government-appointed board was addressing a press conference on the completion of its one year.
He said that about Rs 36,000 crore of debt has already been addressed.
"However, it translates into a lower number in terms of actual potential realisation. The challenge is not only to recover the debt but also to ensure fair distribution among all stakeholders," said Kotak.
Managing Director CS Ranjan said that over Rs 1,200 crore has already been recovered. "We are aiming to recover over 50 per cent," he added.
When asked why the board is not approaching law agencies for action against IL&FS officials, Ranjan said: "We are using all our time and manpower to resolve the issue and not perusing legal actions against the IL&FS officials. The country has enforcement agencies to do that."
Chief operating officer (COO) N Sivaraman, on the other hand, said: "We will have visibility of what the resolution will be by March 2020."
The National Company Law Tribunal (NCLT) in October last year had granted permission to the Central government for superseding the Board of the debt-ridden firm.
The Centre had appointed a six-member panel, headed by Kotak Mahindra Bank Managing Director Uday Kotak to take over the management with immediate effect. IF&LS has over Rs 91,000 crore in debt. (ANI)