IL&FS crisis continue: Transportation Networks defaults on NCD payments

IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payment of Rs 20.91 crore due on principal and interest of non-convertible debentures (NCDs) because of insufficient funds. The principal amount and interest due and payable on March 18, 2019...was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges.

IL&FS Transportation Networks said the principal amount of the defaulted debentures is Rs 20.80 crore and interest is Rs 11.62 lakh. Interest due for the period between March 1 to March 17, 2019, and was not paid.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds. The group's total debt stood at over Rs 90,000 crore as of October 2018. In December last year, the IL&FS group announced the sale of equity stakes in its road assets to raise funds and initiated the process of exploring divestment of IL&FS group's equity stakes in road assets.