'Test case' of IL&FS for resolution of the whole group: Uday Kotak

MUMBAI: The IL&fsgroupisworkingtoaddressasignificantportionoftheoutstandingdebtofrs.94billioninjuly2020,itspresidentudaykotakhesaidtuesday.theveteranbankersaidthecompanyhasbecomeatestcaseintheresolutionofstressedassetsthroughoutthegroup.

thenewboardiscommittedtocompletingtheresolutionprocessassoonaspossibleandisworkingtoaddressasignificantportionoftheaddressabledebtbyjuly2020,kotaktoldshareholdersatthe32ndannualgeneralmeeting.thisisthefirstagmtransmittedbythenewboard.

Kotak said that the absence of the legal framework required for group resolution under IBC required the board to propose the first resolution framework that balances the interest of stakeholders in all classes and levels, while taking into account the general principles of Corporate finance

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