Overview:

• In September 2021, the government had extended the term of Uday Kotak by six months.
• The term was extended so that continuity could be maintained about the plan being worked out for the crisis-struck organization.
• Uday Kotak is the chief executive officer (CEO) and managing director of Kotak Mahindra Bank.

Debt of IL&FS

A debt of around Rs 55,000 crores which is equivalent to 90 percent of the original debt of Rs 61,000 crore has been addressed. IL&FS also maintained its forecast that was made earlier of resolving the debt of Rs 61,000 crore, representing 62 percent of the total fund-based as well as the non-fund-based debt of over Rs 99,000 crore reported in October 2018.

The remaining amount of Rs 6,000 crore will be moved into FY22-23. The headquarters of IL&FS that was located in Bandra Kurla Complex (BKC), Mumbai has been sold to Brookfield for an amount of Rs 1,080 crore. After giving the letter of intent, in 2022 the assets will be handed over to Brookfield.

About IL&FS

It is an infrastructure development and finance company that is funded by the government. The insurance companies and the public sector banks created this company. It has more than 250 subsidiaries including IL&FS financial services, IL&FS Investment managers, etc. Dr. Shyama Prasad Mookerjee Tunnel, India’s longest tunnel, which was opened to the public in April 2017 was funded by this organization. In 2018, the Government of India took control of the company after the company defaulted on its loans.