IL&FS appoints Nand Kishore as CMD, succeeding CS Rajan

As part of its debt resolution efforts, IL&FS has resolved Rs 55,000 crore out of the targeted Rs 61,000 crore by September 30. The resolution includes monetisation, debt servicing, and transfers to InVit. Of the 302 entities in the framework, 188 have been resolved, with 38 entities at various stages of court approval. Some continue servicing Rs 3,000 crore in debt.

Kishore, a 1981 Indian Audit and Account Service officer, previously served as Deputy Comptroller and Auditor General (Dy. CAG). He was appointed to the IL&FS Board in October 2018 and became Managing Director in October 2022.

“The IL&FS collapse was akin to the Titanic hitting an iceberg,” said outgoing Chairman CS Rajan. “The task of salvage and retrieval of as much as the valuable assets as possible was given to a public interest board appointed by the Government of India and the NCLT.”

“Despite having significant external dependencies and complexities associated with various Share Holders’ Agreements, multi-layered web of intragroup lending and borrowings, the new Board is confident of expeditiously resolving the balance debt as well as remaining entities within the approved resolution framework,” said Nand Kishore.