Hotel Leela fails to pay â¹2.12 cr quarterly interest to LIC
Hospitality chain Hotel Leelaventure has defaulted on payment of quarterly interest of â¹2.12 crore to Life Insurance Corporation of India (LIC). The company had issued secured redeemable Non-Convertible Debentures (NCDs) aggregating to â¹90 crore to LIC in December 2008. The company, which has a debt of over â¹3,600 crore, said its operating cash flows weren't sufficient to service its NCDs. 