The management of the bankrupt group claims to have resolved 61% of its massive debt. Reality or window dressing?
Remember the Infrastructure Leasing & Financial Services crisis, the closest India has come to facing a Lehman Brothers moment? With Rs 1.15 lakh crore in unresolved debt and a knock-on impact on India’s debt market and shadow lenders, chances are you do.
In what seems to be good news on this front, an 8 July story carried by the Times of India, quoting C.S. Rajan, managing director of IL&FS, said that an estimated 61% of the overall debt (as of October 2018) was set to be resolved.
The company has managed this through a combination of court-approved sales and settlements. …
Jayshree is a former writer at The Morning Context. As journalist, she had nearly a decade of experience across Mint, Business Standard and Bloomberg TV India. The bulk of her career has been devoted to tracking the capital markets regulator, exchanges, regulatory policies, financial scams and corporate governance issues. One of her biggest breaking stories was her incisive coverage of the colocation scam which put the lapses at NSE in the public domain.
jayshree@mailtmc.com