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IL&FS Transportation Network
IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payments of Rs 26.02 crore due on interest of non-convertible debentures (NCDs) because of insufficient funds. The interest due and payable on July 21, 2019... was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges. IL&FS Transportation Networks said it had defaulted in payments of interest amount of debentures of Rs 14.62 crore and Rs 11.40 crore. Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments over the past few months due to insufficient funds. The group's total debt stood at over Rs 90,000 crore as of October 2018.
IL&FS Transportation Networks said Tuesday state-run NHAI would pay it a compensation of Rs 425 crore for losses suffered by it due to cost overrun in a project in Uttar Pradesh. NHAI and IL&FS Transportation Networks have reached a settlement over various claims filed against NHAI in relation to the project, the company said in a BSE filing. "... at the conciliation committee meeting of independent experts appointed by NHAI held today, a settlement agreement was signed by Moradabad-Bareilly Expressway Ltd (MBEL), a subsidiary of company on various claims filed against NHAI in relation to the work of development, maintenance and management of a highway from Moradabad to Bareilly in UP," IL&FS Transportation Networks, part of the IL&FS group said. MBEL will be paid a claim compensation of Rs 425 crore by National Highways Authority of India (NHAI) for losses suffered by it on account of the cost overrun for development of the project, it said. The company also said that