Beleaguered IL&FS defaults on ICD payments worth Rs 1.72 billion

Meanwhile, IL&FS Trans-portation, a subsidiary of IL&FS, said that it has also defaulted to interest payments for three tranche of non-convertible debentures due on October 1

Beleaguered infrastructure financier Infrastructure Leasing & Financial Services (IL&FS) has defaulted on interest and principal payments on inter-corporate deposits (ICDs) of Rs 1.72 billion due last Friday.

In a statement to the stock exchanges, IL&FS said the interest default by the company on September 29 was set off by IndusInd Bank towards interest for Rs 164 million against interest service reserve account maintained by the company with IndusInd Bank. “The liability of IL&FS thus stands cancelled to that extent for IndusInd Bank for the month of September 2018,” it said.