International Development News
Development News Edition
Give Feedback

BIZ-ILFS-DEFAULT


PTI Mumbai
Updated: 02-11-2018 20:09 IST

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

October 8.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India