The Ministry of Corporate Affairs has appointed Nagaraju Maddirala, IAS (Retd.), as the Chairman and Managing Director of Infrastructure Leasing and Financial Services (IL&FS) for a two-year term starting October 2026. His appointment follows the end of Nand Kishore’s tenure on September 30, 2026, and was formalized by the National Company Law Tribunal, Mumbai bench, on October 1, 2026, according to bfsi.economictimes.indiatimes.com.
Maddirala was named to the IL&FS board by the NCLT order and will receive a monthly remuneration of Rs 5.5 lakh, along with a company car and leased accommodation. His appointment comes amid IL&FS’s ongoing efforts to resolve its debt crisis through asset monetisation and restructuring. The Ministry of Corporate Affairs issued the official statement confirming his two-year tenure from the date of joining, as reported by bfsi.economictimes.indiatimes.com.
IL&FS has been navigating a complex resolution process since its financial troubles surfaced, making leadership stability critical. The appointment of Maddirala, a former Department of Financial Services Secretary, signals a continued focus on managing the infrastructure financier’s recovery. This move aligns with previous steps taken by the government and regulators to stabilise IL&FS and protect its creditors, as detailed by bfsi.economictimes.indiatimes.com.
Maddirala’s appointment marks a key development in IL&FS’s restructuring phase, with his leadership expected to guide the company through its asset monetisation plans. The official tenure period is set for two years from his joining date, positioning him at the helm during this crucial period, according to bfsi.economictimes.indiatimes.com.