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IL&FS total defaults cross Rs 5,000 crore

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Mumbai | Published: November 30, 2018 5:09:52 AM

IL&FS Group has now defaulted on an amount in excess of Rs 5,000 crore after its financial services arm IL&FS Financial Services (IFIN) on Thursday said it was unable to repay a term loan, including interest, of Rs 251.85 crore due on the day.

IL&FS total defaults, IFIN, IL&FS, NCD, Uday KotakIL&FS and its numerous subsidiaries have so far missed multiple repayments. Between now and March 2019, IL&FS needs to repay slightly more than Rs 1,500 crore in NCDs, bonds and commercial papers.

IL&FS Group has now defaulted on an amount in excess of Rs 5,000 crore after its financial services arm IL&FS Financial Services (IFIN) on Thursday said it was unable to repay a term loan, including interest, of Rs 251.85 crore due on the day. This takes the total defaulted amount to Rs 5,150.6 crore. Earlier this week, on Monday, IFIN had defaulted on a short-term deposit of Rs 218.25 crore.

IL&FS Transportation Networks also on Monday informed the stock exchanges it was unable to repay interest amount of Rs 55.35 lakh and Rs 1.74 crore due on non-convertible debentures (NCDs), due between August 25 and November 24. Till then, the group had defaulted on an amount totalling around Rs 4,898.75 crore.

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IL&FS and its numerous subsidiaries have so far missed multiple repayments. Between now and March 2019, IL&FS needs to repay slightly more than Rs 1,500 crore in NCDs, bonds and commercial papers. The government-appointed board, headed by Uday Kotak, has initiated the process of selling assets via a public auction to generate funds for repaying numerous creditors. IL&FS Group has outstanding borrowings in excess of Rs 90,000 crore, of which more than half are in bank loans.

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