IL&FS lifts debt recovery target by ₹5,000 crore

‘Raised estimate is 62% of total debt’

The board and management of scam-hit IL&FS has enhanced its estimates of aggregate debt recovery to ₹61,000 crore by FY22, an increase of ₹5,000 crore over the earlier estimate of ₹56,000 crore.

The raised estimate represents resolution of almost 62% of overall fund-based and non fund-based group debt of approximately ₹99,000 crore as of October 2018 when the erstwhile board was disbanded following the scam.

The new board, as part of its quarterly update process on the progress of the ongoing Group resolution process, on Thursday revealed it had addressed aggregate Group debt of ₹43,000 crore till date. “The aggregate debt of ₹43,000 crore addressed till date represents nearly 71% of the overall revised targeted recovery value of ₹61,000 crore and 44% of the overall debt of over ₹99,000 crore (as of October 2018),” chairman Uday Kotak said, adding that considering the challenges, the new board had made reasonable progress in meeting its mandate.

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