Crisis-hit Infrastructure Leasing & Financial Services Ltd (IL&FS) has resolved nearly 55% of the group's outstanding debt over the last three-and-a-half years, managing director CS Rajan said on Tuesday Among others, the company sold its iconic headquarters at Bandra Kurla Complex for Rs 1,080 crore to reduce debt. With this, Kotak Mahindra Bank managing director (MD) and chief executive officer (CEO) Uday Kotak, who has been serving as non-executive chairman of IL&FS, will step down on April 2, and Rajan will take charge on April 3 as chairman & MD for six months. Nearly Rs 55,000 crore of IL&FS's total debt of Rs 99,000 crore has been resolved, and this is 90% of the estimated debt resolution of Rs 61,000 crore, Rajan said at a press conference

Uday Kotak will step down as the Chairman of the board of IL&FS after his term ends on April 2. CS Rajan, Managing Director of IL&FS, has been named Chairman and Managing Director for six months with effect from April 3 by the Ministry of Corporate Affairs. The Centre had in October 2018 taken control of debt ridden IL&FS and replaced the board with a new set up led by Uday Kotak. The Group had over Rs 99,000 crore of debt at the time.

The resolution from the IL&FS group is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent, said Uday Kotak, who was appointed the non-executive chairman of the company in October 2018 by the government after superseding the board at that time. The resolution process of IL&FS started three and half years ago after a new management was appointed by the government. Kotak's term as non-executive chairman in IL&FS will end on April 2, after which managing director CS Rajan will take charge as chairman and managing director. The ministry of corporate affairs has appointed Rajan as CMD for six months, with effect from April 3.

Rs 21,000 crore of debt discharged by way of monetisation of assets and debt repayment – largely to public sector lenders. Group has nearly Rs 20,000 crore of cash and InvIT unit balance - this includes Rs 16,000 crore to be distributed to creditors by way of interim distribution post judicial approval. Resolution of Rs 14,000 crore filed with courts - of which Rs 7,500 crore has been approved and transaction closure is underway. Mr Uday Kotak’s term as Chairman, IL&FS, ends on April 2, 2022. Mr CS Rajan, Managing Director, IL&FS has been appointed Chairman and Managing Director of IL&FS for a period of six months wef April 3, 2022 by the Ministry of Corporate Affairs, Government of India.

Lenders to the Chenani-Nashri Tunnelway (CNTL) — a subsidiary of IL&FS Transportation Networks —have approved a restructuring proposal with an enhanced recovery payout for all categories of lenders. CNTL maintains and operates the longest tunnel in J&K and receives an annuity of Rs 635 crore annually.

The lenders have approved IL&FS Group's proposal to restructure the Rs 5,500 crore debt of its subsidiary Chenani Nashri Tunnelway (CNTL), which offers almost full repayment to them. The move comes after the company has revalued itself at Rs 5,257 crore now after the deal with Cube Highways of Singapore failed last year, due to regulatory delays, for a consideration of Rs 3,900 crore.

The Central Bureau of Investigation (CBI) will soon begin its investigation into 12 high profile cases of bank fraud totalling Rs 13,048 crore as the Maharashtra government has decided to give consent to the central agency to proceed with its work. The agency is also expecting a go-ahead from the state government to investigate three separate loan fraud cases of Rs 987 crore, Rs 569 crore and Rs 529 crore against IL&FS Energy Development Company Ltd, IL&FS Transportation Networks Ltd and IL&FS Maritime Infrastructure Company Ltd, respectively. The agency said Yes Bank is the complainant in all three cases related to the IL&FS Group.

The state government in a reply tabled in the assembly stated that it has received a proposal from IL&FS Ltd to take back its development rights for GIFT city over its inability to pay its dues.

The IL&FS building, its unique glass facade seemingly mirroring BKC's emergence as Mumbai's primary corporate hub in the new millennium, is changing hands, with Brookfield Asset Management offering to pay more than Rs1,100 crore for the property that has been home to the debt-laden financier for decades. People with direct knowledge of the development said Brookfield made the highest offer for the 10-storied property that most accurately captures the pronounced northward shift in Mumbai's financial nerve centre, away from Nariman Point on the southern tip of the metropolis.

IL&FS Transportation Networks Ltd has completed the sale and transfer of its 100% shareholding in Sikar Bikaner Highways Ltd, a wholly owned subsidiary, to Roadstar Infra Investment Trust for Rs 375.5 crore, it informed the stock exchanges on Wednesday. The proceeds of the sale will be received in the form of units of the infrastructure investment trust (InvIT). The deal was struck at an enterprise value of Rs 1,015 crore, it added.