MUMBAI (Reuters) – India’s IL&FS Transportation Networks Ltd said in a filing on Thursday that it missed some 209 mln rupees ($3 million) in principal and interest payments due on March 18 because of “insufficient funds.”

IL&FS Transportation Networks Ltd is a subsidiary of India’s debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS), which the government took control of in October, citing the need to protect the country’s financial system and markets from a potential collapse.

IL&FS, which is looking to sell assets to pay off debts, said in December it had begun the sale of its domestic road assets within its IL&FS Transportation Networks subsidiary.

($1 = 68.55 rupees)