Hotel Leelaventure defaults in payment of â¹22.5 crore to LIC
Cash-strapped hospitality chain Hotel Leelaventure on Monday said it has defaulted in payment of principal redemption amount of â¹22.5 crore to LIC. The company had issued secured redeemable Non-Convertible Debentures (NCDs) aggregating to â¹90 crore to LIC in December 2008. The company said its operating cash flows are not sufficient to service its term loans and NCDs.