IL&FS Transportation Networks defaults on NCD interest dues worth Rs 26 crore
IL&FS Transportation Networks (ITNL) on Monday said it has defaulted on repayments to holders of its non-convertible debentures (NCDs) worth Rs 450 crore. The default was on interest repayments to the tune of Rs 26.03 crore.
The company is believed to have been classified as a ‘red’ entity by lenders as it is unable to service its dues to any of its creditors. Other entities from the troubled IL&FS Group have been categorised as either ‘green’ entities — those which can service all financial obligations— or ‘amber’ entities, which can service their debts to secured creditors but not to others.
Earlier, ITNL had defaulted on debt worth Rs 17.9 crore, due in six separate repayments on October 29 and 30, 2018. ITNL, along with IL&FS Financial Services (IFIN) and IL&FS, is currently having its past ratings reviewed by Grant Thornton.
