Cash strapped mortgage lender DHFL has defaulted on repayment of funds raised through external commercial borrowing, the company informed the stock exchanges.
DHFL defaulted on $20.17 million, payment for which was due on 16 and 17 September.
"The Company has been unable to meet its payment obligation of $20.17 million falling due on 16th and 17 September 2019 as per its existing schedule" DHFL said.
The company which has already defaulted on commercial papers and non-convertible debentures (NCD), is negotiating with banks to implement a debt recast plan. Till the plan is executed, DHFL had said earlier, that it may not be able to meet debt obligations.
The total debt of DHFL is around ₹80,000 crore.