In the quarterly update on the resolution process for the beleaguered financial services company IL&FS, the new management and board said that they have hiked the debt recovery target from Rs 56,000 crore earlier to Rs 61,000 crore. This will mean a resolution of nearly 62 per cent of IL&FS' total debt of Rs 99,000 crore earlier."We have broadly addressed Rs 43,000 crore of the total debt owed to financial creditors, By September 2021, we hope to address a total of Rs 51,000 crore of the debt," said Uday Kotak, Chairman of IL&FS."When the board took over in October 2018, there were 347 companies under IL&FS. We have been able to resolve, liquidate or close 186 of the companies, we are now down to 161 companies," he added.The Rs 43,000 crore of addressed debt includes filings made with the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) and final orders of the Supreme Court. These applications awaiting legal nods amount to Rs 14,350 crore, while the balance approximate amount of Rs 28,700 crore has been resolved.Although, the money from the resolved entities is yet to be distributed back to financial creditors. CS Rajan, MD of IL&FS said, "The distribution will take place only at a later point. We are building up all the cash and this cash will upstream to the holding company level. Once the resolution of the holding companies takes place, the funds will be distributed to the creditors of the holding companies. That will be at the last and final stage of resolution.""We have suggested to the Ministry of Corporate Affairs Secretary a possibility of interim distribution. If we have the necessary legal mandate, we will go ahead with it," Rajan added.The board said that the delay in the original timeline for resolution was mainly caused due to setbacks from the pandemic induced lockdowns and delays in legal and state government nods. Although, the board is confident of meeting the fresh deadlines despite the second wave of Covid-19 infections in the country.