Retired IAS officer and former Department of Financial Services Secretary Nagaraju Maddirala has been named the new Chairman and Managing Director of IL&FS. He will oversee the final stages of the firm's significant debt resolution program. The appointment, approved by the Ministry of Corporate Affairs, follows the tenure of outgoing CMD Nand Kishore.
Nagaraju Maddirala has been appointed as the Chairman and Managing Director of Infrastructure Leasing & Financial Services for a two-year term. The appointment, formalized by the Ministry of Corporate Affairs and the National Company Law Tribunal, places the former Department of Financial Services Secretary at the helm of the organization as it enters the final phases of its long-term financial restructuring.
Maddirala, a 1993-batch IAS officer who retired in May 2026, brings extensive experience in administrative and financial policy to the role. During his time as Secretary of the Department of Financial Services, he managed oversight of national banking and insurance frameworks. His previous background includes working with the Ministry of Coal and managing international economic relations at the World Bank. This background is intended to help the company navigate the complex legal and financial environment required to close out its legacy liabilities.
He succeeds Nand Kishore, whose term ended on September 30, 2026. To ensure stability during the leadership change, Kishore will remain on the board as a director, providing continuity for the ongoing resolution efforts.
The primary focus for the new leadership will be completing the group’s debt resolution mandate. As of June 30, 2026, IL&FS has successfully discharged Rs 50,387 crore in debt. The organization has set a resolution target of Rs 61,000 crore, leaving approximately Rs 10,613 crore in debt still to be addressed. The resolution process, which began following the credit crisis involving the group in 2018, involves liquidating assets and settling obligations to various creditors.
While IL&FS itself is not a publicly traded entity, its resolution remains a significant event for the Indian credit market due to the systemic scale of its past liabilities. Investors tracking related entities or the broader credit sector should note that the resolution process involves complex legal, regulatory, and procedural hurdles. The primary risk for the entity remains the valuation and monetization of the remaining assets, which are often more difficult to resolve than the initial batch of low-hanging assets. The pace of this final resolution phase and any potential litigation involving remaining assets will be the key developments to track over the next two years.