A bond default is when the issuer does not pay interest or principal in full on the due date. Even a one-day delay is a default, and rating agencies then rate the bond D.
After a default the debenture trustee acts for the bondholders: it calls meetings, can declare the whole amount due, and, for secured NCDs, can enforce the security. Recovery can come from a settlement with the issuer, from selling the security, or through insolvency proceedings under the Insolvency and Bankruptcy Code, and it can take years.
Listed issuers must tell the stock exchange about a delay in payment. Defaults are usually preceded by warning signs: downgrades, a Negative outlook or rating watch, delays on other loans, auditor resignations and falling bond prices.
Bond issuers rated D
21 issuers on Bond Interpretation have a current D-grade rating (including D+ and D-) on their outstanding bonds:
- Aliens Developers Private Limited India Ratings D (No Outlook)
- Artsy Homes Real Estate Private Limited Brickwork D (No Outlook)
- AVIOM India Housing Finance Private Limited ICRA D (No Outlook)
- IL&FS Financial Services Limited India Ratings D (No Outlook)
- Infrastructure Leasing & Financial Services Limited India Ratings D (No Outlook)
- Jana Capital Limited India Ratings D (No Outlook)
- Keelz Facility Management Services Private Limited CARE D (No Outlook)
- Kinara Capital Private Limited CARE D (No Outlook)
- Parsvnath Estate Developers Private Limited Infomerics D (No Outlook)
- Regreen-Excel Epc India Limited CARE D (No Outlook)
- Reliance Capital Limited Brickwork D (No Outlook)
- Reliance Commercial Finance Limited CARE D (No Outlook)
- Reliance Home Finance Limited CARE D (No Outlook)
- Sanghi Industries Ltd India Ratings D (No Outlook)
- Selene Estate Limited Infomerics D (No Outlook)
- SREI Equipment Finance Limited Brickwork D
- SREI Infrastructure Finance Limited Brickwork D (No Outlook)
- Star Housing Finance Limited India Ratings D (No Outlook)
- TruCap Finance Limited CARE D (No Outlook)
- Vishal Papertech (India) Ltd Acuite D (No Outlook)
- VR Konkan Private Limited ICRA D (No Outlook)
Data as of 5 Nov 2026 (snapshot 20261105-2032). Methodology and sources
Related
Related terms: D rating · Debenture trustee · Secured NCD · Security cover (asset cover) · Rating downgrade
Before investing, look up the issuer: all its outstanding bonds, rating history and disclosure documents.
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
