IL&FS Unit Misses Payment Due To "Insufficient Funds"

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)