Hotel Leelaventure defaults on payment of quarterly interest to LIC

Cash-strapped hospitality chain Hotel Leelaventure has defaulted in payment of quarterly interest of Rs 2.12 crore to Life Insurance Corporation of India (LIC).

Hotel Leelaventure, which currently has a debt of over Rs 3,600 crore, had issued secured redeemable non-convertible debentures on private placement basis aggregating to Rs 90 crores to LIC in December 2008.

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