Two subsidiaries of cash-laden
Infrastructure Leasing & Financial Services (IL&FS) Friday
have defaulted on a total interest payment of Rs 63.60 crore
of various debt instruments.
The group's non-banking finance arm, IL&FS Financial
Services (IFIN) Friday said it has defaulted on repayment of
various debt obligation worth Rs 61.31 crore, due on Thursday,
the company said in a filing to exchanges.
"The company was unable to service its obligations of
interest on cash credit facilities/short-term loans/term loans
worth Rs 61.31 crore," the company said.
IFIN, on Thursday, also defaulted on repayment of Rs
106 crore of term loans and Rs 0.77 crore of interest on short
term loan, due on October 31, 2018.
In a separate filing to exchanges, IL&FS
Transportation also Friday said it has defaulted on payment of
interest worth Rs 2.29 crore on non-convertible debentures
(NCD), which was payable on November 2, 2018. It had defaulted
on interest payment of a similar amount on a different NCD,
which was November 1, 2018.
IL&FS Transportation also informed the exchanges that
it's executive director Mukund Sapre has submitted his
resignation, effective Friday.
IL&FS Group and its companies have defaulted on many
debt instruments due to insufficient funds.
The group total debt stood at Rs 94,215.6 crore as of
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)