New Delhi: Hotel Leelaventure has informed the BSE regarding the default in interest payment and principal amount on debentures issued to LIC of India in December 2008.
Leela said it has issued secured redeemable non-convertible debentures on a private placement basis aggregating to Rs 90 crore to LIC of India in December 2008.
The company said the amount of the default in interest of payments as of March 31, 2018 is totalling Rs 10.15 crore.
Leela said it has also not paid the third installment towards redemption of Rs 22.50 crore on non convertible debentures due since September 30, 2016 and the fourth installment towards redemption of principal amount of Rs 22.50 crore on NCDs due since September 30, 2017.
The company said its operating cash flows are not sufficient to service its term loans and NCDs and the funds of the company are escrowed with its lenders and are monitored by the lenders.
The company is pursuing with the lenders for debt restructuring, Leelaventure said in a statement.
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