Wind turbine maker Suzlon Energy Tuesday defaulted on a payment of $ 172 million worth of principal amount related to outstanding bonds.

"The company has not made the payment of the principal amount of the outstanding bonds, being $172,000,000 (about Rs 1,180 crore), which was due on July 16, 2019, (Tuesday) in accordance with the terms and conditions of the bonds," Suzlon Energy said in a statement.

It added that the company is working on a holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt, including the bonds.

The outstanding principal amount of $172 million was part of a bond issue of $546.91 million.