NEW DELHI: Talwalkars Better Value Fitness on Friday informed stock exchanges that it has defaulted on interest payments on term loans and non-convertible debentures.In a filing to BSE, the company said it defaulted in payment of interest on loans from banks including Axis Bank South Indian Bank and Andhra Bank to the tune of Rs 3.71 crore and Rs 1.28 crore in principal payment. Gross principal amount on which the default occurred stood at Rs 98.86 crore.The company’s total borrowing from banks stood at Rs 203.86 crore. In case of Andhra Bank, the tenure of the term loan was 6 years while it was 7 years for the other two. The rate of interest ranged between 9.20 per cent and 11.30 per cent.The company is in discussion with its bankers for restructuring its debt obligations, Talwalkars Better Value Fitness told BSE.Meanwhile, in a separate release, the company said it has defaulted on an NCD payment of Rs 2.38 crore in interest on a gross principal amount of Rs 25 crore.The scrip has eroded 93 per cent of its market value so far this year. It fell 2.81 per cent to close at Rs 3.11 on Friday.