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The government has extended Uday Kotak’s term as Non-executive Director of IL&FS by one more year. His current term ends on October 1.
In October 2018, the Centre took over the reins of the troubled NBFC and appointed Kotak to lead the debt restructuring process and since then the veteran banker has been at the helm in getting the resolution process on track, as it owes ₹99,000 crore to debtors. In the last progress report, Kotak pointed out that it expects to resolve ₹57,000 crore in debt by March 2021.
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