IL&FS unable to meet interest payment obligations

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. 

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