IL&FS Transportation Networks said principal amount of the defaulted unsecured redeemable non-convertible debentures is  ₹50 crore and interest is  ₹1.15 crore. Aniruddha chowdhury/mint
IL&FS Transportation Networks said principal amount of the defaulted unsecured redeemable non-convertible debentures is 50 crore and interest is 1.15 crore. Aniruddha chowdhury/mint

IL&FS Transportation Networks defaults on 3.37 crore interest payment

  • 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.

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