New Delhi, Dec 31 (IANS): Uday Kotak, the Chairman of the restructured IL&FS board, on Tuesday said that the board expects to recover 50 per cent of the overall outstanding debt in its books as on September 30, 2018. The crisis-ridden group has total outstanding debt of over Rs 90,000 crore.

Addressing the 32nd Annual General Meeting (AGM) of the lending group, Kotak said that the ongoing resolution process has become a "test case" of group wide resolution of stressed assets.

"Resolution, restructuring and recovery formed the three vital pillars of the strategy adopted by the new board," Kotak said.

He said the board is committed to completing the resolution process at the earliest and is working towards addressing "significant" portion of addressable debt by July 2020.

During the AGM, it was also announced that the government of Gujarat has approved the purchase IL&FS Group's stake in Gujarat International Finance Tec-City Company Ltd. (GIFTCL), whereby a state government entity would buy the 50 per cent state of IL&FS, resolving debt of approximately Rs 1,200 crore.