 "IL&FS, Infrastructure Leasing and Financial Services, Mumbai")
Infrastructure Leasing & Financial Services (IL&FS) has reportedly defaulted on a multi-billion-rupee short-term loan from Small Industries Development Bank of India (SIDBI), according to a report by moneylife.
The report also says that the bank has asked one of its senior officials in the risk management department to resign over the loan default.
IL&FS has defaulted in repaying a short-term loan of Rs 10 billion to SIDBI. At the same time, a subsidiary of IL&FS too has defaulted in repaying loan worth about Rs 5 billion to the development financial institution, the report said.
However, since SIDBI does not really
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