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Monday, October 26, 2020

IL&FS Financial Services defaults on payments as low as Rs 4 lakh

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IL&FS Financial Services defaults on payments as low as Rs 4 lakhNew Delhi, Nov 5 (IANS) IL&FS Financial Services has defaulted on its payment obligations on loans and interest payments as low as Rs 4 lakh from October 31 to November 4.

In a regulatory filing with stock exchanges, the company has said the company was unable to service its obligations in respect of term loans and interest payments.

Providing the intimation of default in payment obligations, IL&FS Financial Services defaulted on seven such payments beginning October 31 to November 4.

The situation is serious considering the default on interest payments in some cases is as low as Rs 4 lakh and Rs 6 lakh.

On October 31 itself, it defaulted on five interest payments of Rs 0.04 crore, Rs 0.28 crore, Rs 0.19 crore, Rs 0.28 crore and Rs 5.17 crore.

The next day the default was for a much bigger amount of Rs 36.16 crore and on November 4, it was for Rs 0.04 crore.

The scam hit IL&FS group has been mired in severe financial and liquidity problems since last year. Many of the group companies have been taken to NCLT.

The principal amounts where the defaults are happening are Rs 5 crore, Rs 37.50 crore, Rs 25 crore, Rs 37.50 crore and Rs 75 crore.

The defaults are on interest payments on term loans, cash credit facilities and short term loans.

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