IL&FS Board is hopeful that it will be able to address the targetted debt of over Rs 50,000 crore in the current financial year despite the impact of the pandemic.

The Board of IL&FS Group on Monday announced the resignation of Vineet Nayyar as the Executive Vice Chairman of the group on medical grounds.

Uday Kotak is set to remain the Chairman of IL&FS for one more year as the Centre has extended his tenure on the group's board till October 2, 2021.