IL&FS unable to meet interest payment obligations

IL&FS was also unable to meet its obligations for a letter of credit payment to IDBI Bank, which were due on Thursday

Aditya Kalra, Reuters
Updated22 Jan 2019, 04:39 PM IST
The total debt of the ILFS group was pegged at  <span class='webrupee'>₹</span>94,215.6 crore as of October 8. Photo: Mint
The total debt of the ILFS group was pegged at ₹94,215.6 crore as of October 8. Photo: Mint

New Delhi: Infrastructure Leasing & Financial Services (IL&FS) was unable to service its obligations on interest payments on non-convertible debentures that were due on Friday, the company said in a statement.

The company was also unable to meet its obligations for a letter of credit payment to IDBI Bank, which were due on Thursday, it said in a stock exchange filing.

In recent days, the company has also said it has been unable to service its commercial paper obligations. On 15 September IL&FS told the exchanges that it had received “notices for delays and defaults” in servicing some inter-corporate deposits.

Separately on Friday, IL&FS said its managing director and chief executive Ramesh C. Bawa had resigned.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.

Business NewsCompaniesNewsIL&FS unable to meet interest payment obligations
MoreLess