Two subsidiaries of cash-laden Infrastructure Leasing & Financial Services (IL&FS) on 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) on 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.