Is Uday Kotak-led IL&FS talking up its recovery?

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Editor's note: 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. Given that there is no legislative or regulatory regime to deal with group insolvency, the board adopted a multipronged approach — depending on the type of asset — by focusing on resolution, restructuring and recovery. From ‘At 61%, IL&FS recovery may beat IBC’s 39%’ - 8 July The Times of India This is an extremely healthy outcome given that the average recovery under the Insolvency and Bankruptcy Code, or IBC, stands at just 39%.  So, it would seem that Uday …