Overview
- IL&FS says it will file an application targeting erstwhile whole-time directors who account for nearly 90% of the claimed excess remuneration.
- The group and subsidiaries IFIN and ITNL sent notices in August 2024 seeking Rs 187.02 crore from former directors, with two independent directors repaying without admitting liability as others contest the demands.
- Several former directors argue that Companies Act provisions cited for recovery, including sections 197 and 198 and Part II of Schedule V, do not apply to them.
- The recovery push follows an NCLT-ordered recast of FY14–FY18 accounts that converted previously reported profits of Rs 1,869 crore into losses of about Rs 9,600 crore.
- IL&FS reports Rs 48,463 crore discharged to creditors as of September 2025 and maintains an overall resolution target of Rs 61,000 crore, or about 61.39% of total external debt.