September 21, 2018 / 4:39 PM / a year ago

Corrected: India's IL&FS unable to meet interest payment obligations

A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai March 25, 2015. REUTERS/Shailesh Andrade/Files

(Corrects company name to IL&FS Financial Services in paragraph 4, not IL&FS)

NEW DELHI (Reuters) - India’s Infrastructure Leasing & Financial Services (IL&FS) was unable to service its obligations on interest payments on non-convertible debentures that were due on Friday, the company said in a statement.

The company was also unable to meet its obligations for a letter of credit payment to IDBI Bank, which were due on Thursday, it said in a stock exchange filing.

In recent days, the company has also said it has been unable to service its commercial paper obligations. On Sept. 15 IL&FS told the exchanges that it had received “notices for delays and defaults” in servicing some inter-corporate deposits.

Separately on Friday, IL&FS Financial Services, a unit of the larger IL&FS group, said its managing director and chief executive had resigned.

Reporting by Aditya Kalra; Editing by David Goodman

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