India's Reliance Capital Ltd. on Oct. 15 said it defaulted on interest and principal payments on certain nonconvertible debentures.

The company said it delayed payments on the debentures (ISIN- INE013A074PO and ISIN-INE013A075G6), which were due Oct. 14.

The company blamed India's CARE Ratings' "unwarranted and unjustified" downgrade of its entire outstanding debt for the default. The downgrade initiated acceleration of various debt facilities and "consequential demands for immediate payment of amounts that were otherwise due and payable in a phased manner over the next eight years till March 2028, as per the original terms of lending," the company claimed.

Reliance Capital said it expects delay in servicing its debt in relation to the accelerated amounts.