The board and management of the scandal-ridden IL&FS has raised its estimates of gross debt collection by FY22 to ₹ 5,000 crore, up from the earlier estimate of ₹ 56,000 crore.
The raised estimate represents a resolution of around 62% of the total fund-based and non-fund based group loans of around ₹ 99,000 crore till October 2018, when the predecessor board dissolved after the scandal.
The new group, as part of its quarterly update process on the progress of the group reconciliation process, revealed on Thursday that it had so far addressed a group loan of ₹ 43,000 crore. Chairman Uday Kotak said, ‘Of the total debt of Rs 43,000 crore addressed so far, the% represents about 71% of the total revised target value of Rs 61,000 crore and 44% of over ₹ 99,000 crore’. , Stating that given the challenges, the new board has made reasonable progress to fulfill its mandate.
Leave a Reply