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Uday Kotak's tenure was extended by six months by the government in September 2021. The time was prolonged to ensure that the plan being developed for the crisis-stricken company remained consistent. Uday Kotak is the managing director and chief executive officer of Kotak Mahindra Bank.

IL&FS's debt

A debt of roughly Rs 55,000 crores has been handled, which is around 90% of the original debt of Rs 61,000 crore. IL&FS also maintained its prior expectation of resolving debt of Rs 61,000 crore, which accounts for 62 percent of the total fund-based and non-fund-based debt of over Rs 99,000 crore disclosed in October 2018. The remaining Rs 6,000 crore would be transferred to FY22-23. The IL&FS headquarters at Bandra Kurla Complex (BKC) in Mumbai was sold to Brookfield for Rs 1,080 crore. The assets will be turned over to Brookfield in 2022 when the letter of intent is signed.

IL&FS's Background

It is a government-sponsored infrastructure development and finance enterprise. This firm was founded by insurance companies and public-sector banks. It has around 250 subsidiaries, such as IL&FS Financial Services and IL&FS Investment Managers, among others. This group sponsored the Dr. Shyama Prasad Mookerjee Tunnel, India's longest tunnel, which opened to the public in April 2017. After the firm failed on its loans, the Indian government took ownership of the company in 2018.

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