The Board, in its meeting held here on Monday, accepted the resignation with effect from October 31, and granted him leave till then, on medical grounds. It has asked C.S Rajan, MD, IL&FS, to discharge Nayyar's responsibilities in the interim and in consultation with senior management, put in place a revised organizational structure.

Nayyar was appointed the Executive Vice Chairman and Managing Director of IL&FS on October 4, 2018, in the first meeting held by the new Board immediately after its constitution by the Ministry of Corporate Affairs, and has been leading the IL&FS resolution, involving over 300 companies, for the last two years with the new Board.

"Vineet brought with him unique insights and conviction with respect to our challenges over the last two years. I wish him speedy recovery," said Uday Kotak, non-executive Chairman, IL&FS.

Rajan said: "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."