English

On 1st April 2019 a company took a loan of ₹ 80,00,000 on security of land and building. This loan was further secured by the issue of 40,000, 12% Debentures of ₹ 100 each as collateral security. - Accountancy

Question

On 1st April 2019 a company took a loan of ₹ 80,00,000 on security of land and building. This loan was further secured by the issue of 40,000, 12% Debentures of ₹ 100 each as collateral security. On 31st March 2024, the company defaulted on repayment of the principal amount of this loan; consequently, on 1st April 2024, the land and building were taken over and sold by the bank for ₹ 70,00,000. For the balance amount, debentures were sold in the market on 1st May 2024. From which date would the interest on debentures become payable by the company?