MTNL defaults on Rs 422 crore bank loan payments

State-owned telecom company MTNL defaulted on bank loan payments of Rs 422.05 crore, including Rs 328.75 crore on the principal and Rs 93.3 crore in interest for June and July. MTNL sought Rs 1,151.65 crore from the government for interest on sovereign guarantee bonds and Rs 3,668.97 crore for principal repayment.