Comments
Hotel Leelaventure on Tuesday said that it has defaulted on interest and principal payments since 2016, on the ₹90-crore non-convertible debentures issued to Life Insurance Corporation of India.
The NCDs were allotted to LIC in 2008 on private placement basis.
“The company’s 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,” it said.
The company further said that it has not paid interest due worth ₹10.154 crore and two instalments of ₹22.5 crore of principal due in September 2016 and September 2017.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.