Financial Services arm defaults on bond, loans
IL&FS Financial Services, the lending arm of the IL&FS group, has missed on the repayment of loans and interest, and principal of debentures again. The default amount is over ~2.42 billion. Itwas unable to pay up on loans worth ~0.71 billion. This also includes intereston debentures amounting to ~0.08 billion, and interest and principal amounton ~1.62 billion.