Millennium Post

IL&FS group co defaults on Rs 3.37 crore interest payment

Mumbai: IL&FS Transportation Networks, which carries out the government's highway development programme, on Monday said it will not be able to pay Rs 3.37 crore dues on interest payable on redeemable non-convertible debentures (NCDs) "due to insufficient funds".

The crisis-hit IL&FS had incorporated IL&FS Transportation Networks in 2000, and the firm has more than more than 14,000 lane-kilometres in a portfolio of over 30 projects. The group's abrupt default last year had sparked a liquidity crunch in the economy.

IL&FS Transportation Networks said that the principal amount of the defaulted unsecured redeemable NCDs is Rs 50 crore and interest is Rs 1.15 crore. The principal amount of the defaulted secured redeemable NCDs is Rs 99 crore and interest is Rs 2.22 crore.

Interest dues on 91-day period from September 15 to December 14 were not paid, the company said in a regulatory filing.

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