IL&FS adds ₹395.46 crore as new debt obligation

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Cash-starved IL&FS financial services on Thursday announced a fresh debt obligation of ₹395.46 crore could not be serviced. The debt constitutes of payments from banks, term deposits and short-term deposits.

The IL&FS’s fresh defaults were against term deposit obligation of ₹103.53 crores, five bank loans worth ₹239.50 crore and short-term deposit of ₹52.43 crores. The repayment of all of these was supposed to be made in the last week of September.

IL&FS in a filing mentioned that term deposit of ₹103.53 crores and the short term deposit of ₹239.50 crores was to be serviced earlier this week whereas a loan repayment of roughly ₹213.80 crores was due on 26 September.

Further, the debt obligation doesn’t end here. Two loans due on 12 and 16 September of worth ₹50.20 crores and ₹20.50 crores also count in the fresh debt obligations.

Financially struggling IL&FS has 10 obligations in total making it defaults third time in a row this month. The increasing debt pile has restricted the company to access the commercial paper market for a period of 6 months followed by repayment against its obligation.

Ramesh Bawa along with some keyboard members put his papers on 21 September. The company’s stock plummetted as a debt sale led to a cash crunch problem in the financial services sector.

Although, National Company Law Tribunal in an effort to help the company filed a scheme of arrangement under Section 230 of the Companies Act 2013.

LIC and SBI assured that they will support IL&FS in its recovery.


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