IL&FS Energy Development (IEDCL), on Thursday said it has defaulted on interest repayments of rS 4.66 crore on non-convertible debentures (NCD).
IL&FS Energy Development (IEDCL), on Thursday said it has defaulted on interest repayments of rS 4.66 crore on non-convertible debentures (NCD). The interest repayments were due starting August 15 till November 14.
Earlier this week, the parent firm —IL&FS — said it had defaulted on a repayment of Rs 31 lakh due on November 8.
IL&FS and its numerous subsidiaries have defaulted on multiple repayments so far. On October 23, the company, in an exchange filing, had said it defaulted on `348 crore of debt that was due in three separate repayments on October 19, 20 and 22, taking the total amount in missed repayments to Rs 4,272 crore.
According to data compiled from Prime Database and Value Research, IL&FS has a repayment of Rs 141 crore coming up on November 27 to Tata Mutual Fund. It also needs to pay a total of Rs 185 crore in the month of December on bonds and NCDs. Between now and March 2019, IL&FS needs to repay slightly over Rs 1,500 crore in NCDs, bonds and commercial paper.
Meanwhile, lenders to IL&FS have opposed the 90-day moratorium sought by the ministry of corporate affairs (MCA) on creditor proceedings for loans taken by the company and its subsidiaries. In a hearing at the National Company Law Appellate Tribunal (NCLAT) on Tuesday this week, lenders asked the appellate tribunal to also allow them not to classify IL&FS account as a non-performing asset (NPA) in case of non-payment.
The government has sought the moratorium to help a resolution plan to take shape so that IL&FS can pay off its debts. The next hearing on the issue is set for December 17.
On October 31, the Uday Kotak-led board proposed a three-pronged strategy to revive IL&FS. The strategy includes capital infusion at the group level, sale of subsidiaries at the vertical level, and resolution at the asset level.
The report, submitted to the National Company Law Tribunal (NCLT), said, the board would work towards the final resolution, in stages and parts, over the next six-nine months.