You are here: Home » Finance » News » Microfinance

To calm investors, Indiabulls Housing-Fin says liquidity position healthy

IL&FS crisis: Microfinance sector likely to take a hit on cash crunch

Business Standard

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

Ilfs Crisis  |  Indusind Bank  |  Nclt

Dev Chatterjee  |  Mumbai 

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,” ...

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 09 2018. 05:36 IST