Crisis-hit Infrastructure Leasing & Financial Services Ltd (IL&FS) has resolved nearly 55 per cent of the group’s outstanding debt over the last three-and-a-half years, managing director C.S. Rajan said.

The company sold its iconic headquarters at Bandra Kurla Complex for Rs 1,080 crore to reduce debt. With this, Kotak Mahindra Bank managing director (MD) and chief executive officer (CEO) Uday Kotak, serving as non-executive chairman of IL&FS, will step down on 2 April, and Rajan will take charge on 3 April as chairman & MD for six months.

Nearly Rs 55,000 crore of IL&FS’s total debt of Rs 99,000 crore has been resolved, and this is 90 per cent of the estimated debt resolution of Rs 61,000 crore, Rajan said at a press conference.

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“ Rs 21,000 crore of debt has been paid back to public sector banks. Another Rs 16,000 crore worth of cash and InvIT units will be distributed by interim distribution to creditors post judicial approval,” said Rajan.

“Resolution of Rs 14,000 crore has been filed with courts, of which Rs 7,500 crore has been approved by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), and are in final stages of resolution,” he added.

Of the 347 entities under IL&FS Group as of October 2018, 246 entities have been resolved, leaving 101 entities to be resolved in the next fiscal year, he said.