 "Loan")
IL&FS Energy Development (IEDCL), a subsidiary of Infrastructure Leasing & Financial Services (IL&FS), has defaulted on a term loan to financial institutions and is set to default on other loans too, if parent IL&FS does not step in to infuse fresh funds into the firm, warned lenders.
The IL&FS board is due to meet on Saturday to take a call to seeking loan of Rs 30 billion from two of its promoters — State Bank of India and Life Insurance Corporation. IL&FS, in turn, will invest part of this money in IEDCL so that the firm can meet its immediate financial
