The interest on the principal amount due on 14 December, 2019 was not paid to the stakeholders due to insufficient funds
Interest dues on 91-day period from 15 September to 14 December were not paid
NEW DELHI :
IL&FS Transportation Networks, a group company of the crisis-hit IL&FS group, has defaulted on payment of over ₹3.37 crore dues on interest payable on redeemable non-convertible debentures (NCDs).
The interest on the principal amount due on 14 December, 2019 was not paid to the stakeholders due to insufficient funds, the company said in a filing with stock exchanges.
IL&FS Transportation Networks said principal amount of the defaulted unsecured redeemable non-convertible debentures is ₹50 crore and interest is ₹1.15 crore. On the other hand, the principal amount of the defaulted secured redeemable non-convertible debentures is ₹99 crore and interest is ₹2.22 crore.
Interest dues on 91-day period from 15 September to 14 December were not paid.
Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few quarters due to insufficient funds. The group's total debt stood at over ₹90,000 crore as of October 2018.
The company reported a net loss of ₹22,527 crore in FY19. Total revenue for FY19 was ₹824 crore, against ₹1734 crore in the previous year. Interest income for the year was ₹519.85 crore, halving from ₹1019.3 crore in FY18.
In October 2018, the government had appointed Uday Kotak-led board to find a resolution plan for the debt-ridden company.