Apr 02, 2022 00:05 am
The Kishore Biyani-led Future Retail and Future Enterprises collectively defaulted on loan repayments worth ₹ 8,157.97 crore.
On 31 Mar 2022 Future Enterprises Ltd (FEL) was due to pay ₹2,835.65 crore and Future Retail Ltd (FRL) was due for a payment of ₹ 5,322.32 crore.
Last year, FRL and FEL along with several other Future Group companies had entered into a One Time Restructuring (OTR) scheme for COVID-hit companies with a consortium of banks.
FRL said it has missed the due date for repayment of Rs 5,322.32 crore to lenders on account of the ongoing litigations with e-commerce major Amazon and other related issues.
Last year, FRL had entered into the OTR scheme with a consortium of banks and was under obligation to raise Rs 3,900 crore before March 31, 2022 by way of equity contribution.
FEL, in a late evening filing, said it has defaulted on payment of Rs 2,835.65 crore to its consortium of banks.
The due date to "pay an aggregate amount of Rs 2,835.65 crore" to its lenders, who are parties to the agreement under the OTR scheme, was March 31, 2022.
Several Future Group companies, including FEL, have entered into agreements with their respective lenders in terms of the RBI circular dated August 6, 2020, in which a resolution framework for COVID-related stress was announced.