The state-owned telecom giant MTNL has not made its bank loan payments in excess of Rs 422.05 crore, according to a Monday regulatory filing.
The total sum in default is made up of Rs 93.3 crore for interest on the debt for the months of June and July, and Rs 328.75 crore for principal arrears.
The information provided by MTNL indicates that it has fallen behind on payments totalling Rs 155.76 crore, which includes debts owed to the Union Bank of India, State Bank of India, Bank of India, Punjab & Sind Bank, Rs 40.01 crore, Punjab National Bank, and Rs 4.04 crore.
These banks had previously provided debt of Rs 5,573.52 crore to the telecom company.
The telecom company that is losing money has a total of Rs 31,944.51 crore in debt, with loans totalling Rs 7,873.52 crore from banks and other financial organisations.
For the current fiscal year, MTNL has requested payment of interest on sovereign guarantee bonds totalling Rs 1,151.65 crore from the government.
In addition, the government has suggested in the Budget allocating Rs 3,668.97 crore towards the principal payment of MTNL bonds.