Altico Capital says evaluating options after default

Altico said it needed time from stakeholders to craft a plan that might "maximize asset value" and called on all stakeholders to "refrain from actions that exacerbate the liquidity problem."

"Altico has held a series of meetings with its creditors, with a view to agreeing a way forward that the company expects will allow it to meet its financial commitments," it said, adding that it had appointed financial and legal advisors to support the discussions.

Non-banking financial companies and housing finance companies have been stung by liquidity crisis after the collapse of behemoth Infrastructure Leasing & Financial Services Ltd late last year.

That has led to a contagion effect on players in the shadow banking sector with funding drying up and borrowing costs surging, and, experts say, is partly responsible for the ongoing economic slowdown in the country.