The Small Industries Development Bank of India (Sidbi) is set to file a case against embattled IL&FS in the National Company Law Tribunal (NCLT) for not paying its term deposits, reported The Economic Times .
“IL&FS owes Sidbi a total of Rs 1,000 crore, of which just Rs 50 crore has been paid back. Rs 500 crore is already in default and some deposits are maturing next week…The way things are, it feels that legal route is the best one for recovery,” one person close to the development told the newspaper.
The case could be filed as early as Wednesday, said the report.
IL&FS had earlier defaulted on a commercial paper payment issued by its subsidiary IL&FS Financial Services in August and had its debt rating degraded, raising concerns across the market.
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