Debt-laden Infrastructure Leasing & Financial Services (IL&FS) is "staring" at a 90 per cent gross bad loans as a percentage of total loans of its main lending arm IL&FS Financial Services, the firm's non-executive Chairman Uday Kotak said on Wednesday.
IL&FS, a major infrastructure financing and construction company, has a total debt of Rs 91,000 crore ($12.97 billion) and has been trying to sell its assets to repay debt after several defaults forced the government to overhaul its management.
The company said it is expecting a "reasonably faster and fair" outcome for its resolution through the country's bankruptcy court, but added it is difficult to predict a timeline for it.
Earlier this week, Serious Fraud Investigation Office (SFIO) had arrested Hari Sankaran, former chairman of IL&FS, in connection with an ongoing investigation into the lender.
($1 = Rs 68.42)
Election Results for Lok Sabha Election 2019 will be out on May 23. Get the latest election news and live updates on ndtv.com/elections. Catch all the action on NDTV Live. Like us on Facebook or follow us on Twitter and Instagram for news updates from each of the 543 parliamentary seats for the election 2019