IL&FS misses Rs 57.29-crore repayments

Last week, the firm said it defaulted on a repayment of Rs 31 lakh due on November 8. Its subsidiary, IL&FS Energy Development Company also said it defaulted on interest repayments of Rs 4.66 crore on non-convertible debentures (NCD).

Infrastructure Leasing & Financial Services (IL&FS), for the second consecutive day, on Tuesday said it has defaulted on two repayments of short-term deposits, including interest of Rs 57.29 crore, taking the total amount in defaults till date to Rs 4,640.95 crore. IL&FS said its financial services arm, IL&FS Financial Services, was unable to repay Rs 5.34 crore on November 16 as well as Rs 51.95 crore on November 19.

Prior to this, IL&FS on Monday said it defaulted on principal and interest of over Rs 307 crore with respect to deposits from MUDRA (Micro Units Development & Refinance Agency) due on November 17.

Last week, the firm said it defaulted on a repayment of Rs 31 lakh due on November 8. Its subsidiary, IL&FS Energy Development Company also said it defaulted on interest repayments of Rs 4.66 crore on non-convertible debentures (NCD). The interest repayments were due starting August 15 till November 14. Meanwhile, lenders to IL&FS have opposed the 90-day moratorium sought by the ministry of corporate affairs (MCA) on creditor proceedings for loans taken by the company and its subsidiaries.