IL&FS Transportation Networks Defaults On NCD Interest Payments
IL&FS Transportation Networks, a group company of crisis-hit Infrastructure Leasing & Financial Services, has defaulted on payments of Rs 26.02 crore due on interest of its non-convertible debentures.
The interest due and payable on July 21 was not paid to the debenture holders due to insufficient funds, IL&FS Transportation Networks said in an exchange filing. The IL&FS Group company said it had defaulted in payments of interest amount of debentures of Rs 14.62 crore and Rs 11.40 crore.
IL&FS and its subsidiaries have defaulted on several debt instruments over the past few months due to insufficient funds. The group's total debt stood at over Rs 90,000 crore on Oct. 30, 2018.