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MUMBAI : Infrastructure Leasing and Financial Services (IL&FS) group on Monday announced the resignation of Vineet Nayyar as the executive vice chairman.

Nayyar, who resigned on grounds of poor health, requested the Uday Kotak-led board of directors to relieve him of his duties with effect from October 31, which the board has accepted.

C S Rajan, MD, IL&FS, has been asked by the board to discharge Nayyar’s responsibilities in the interim and, in consultation with senior management, put in place a revised organisational structure.

“Vineet brought with him unique insights and conviction with respect to our challenges over the last two years. I wish him speedy recovery," Uday Kotak, non-executive Chairman, IL&FS, said. “Mr Nayyar’s vast experience in corporate resolution with Satyam and his sharp understanding of government functioning has provided the new board with immense learnings at every stage of the complex IL&FS resolution process. We wish him good health and speedy recovery," said Rajan.

Mint reported in July that two years after the new board of directors took charge of the bankrupt IL&FS group, only 18% of the group’s outstanding debt of over 1 trillion had been resolved. The board set a new resolution timeline and said it will be able to resolve 50,590 crore of outstanding debt by March 2021 and a further 6,650 crore in FY22.

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