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LIVE: A year after bad-loan crisis, state-appointed IL&FS board takes stock

IL&FS had made a series of defaults in September 2018, triggering widespread concern of a bad debt crisis lurking in India's shadow-banking sector.

BS Web Team  | New Delhi 

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IL&FS
IL&FS
The government-appointed board of Infrastructure Leasing & Financial Services (IL&FS) is speaking to the media, a year after it took over the debt-laden infrastructure financing and construction company.

had made a series of defaults in September 2018, triggering widespread concern of a bad debt crisis lurking in India's shadow-banking sector.

Kotak Mahindra Bank Managing Director Uday Kotak was made the non-executive chairman of the board and Vineet Nayyar, a former civil servant with a reputation for turning around, became the managing director and vice-chairman.

The board has been finding solutions to myriad problems — from group having 348 entities to flagship Infrastructure Leasing & Financial Services Ltd (IL&FS) seeing 90 per cent of its loans going sour.

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