IL&FS Transportation Networks said in a filing on Thursday that it missed some Rs 20.9 crore ($3 million) in principal and interest payments due on March 18 because of "insufficient funds".
IL&FS Transportation Networks is a subsidiary of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS), which the government took control of in October, citing the need to protect the country's financial system and markets from a potential collapse.
IL&FS, which is looking to sell assets to pay off debts, said in December it had begun the sale of its domestic road assets within its IL&FS Transportation Networks subsidiary.
($1 = Rs 68.55)
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