New Delhi: Future Enterprises Limited (FEL) on Tuesday said it has defaulted on payment of Rs. 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring scheme.
This is the second default by FEL this month.
due date of payment of 19.16 crore was March 28, FEL said in a regulatory filing.
“The company was not able to discharge the above obligations to the respective banks/lenders on the due date,” it said.
Although, Fellow Said that there was a review period of 30 days from the due date in terms of RBI circular dated August 6, 2020, and with reference to the agreement’s provision to pay the amount onwards.
The firm of Future Group had reported default in repayment of Rs. 93.99 crore to Punjab National Bank and Canara Bank under OTR (One Time Restructuring Plan). The last date for payment was 23 March.
Several Future Group companies, including FEL, have entered into agreements with their respective lenders in terms of the RBI circular dated August 6, 2020, which announced a resolution framework for COVID-related stress.
Group’s leader Future Retail Limited defaulted in payment of 3,494.56 crore to banks in January under the OTR scheme.
FEL is a part of In August 2020, Future Group announced a deal worth Rs 24,713 crore to sell Reliance Retail to 19 companies dealing in retail, wholesale, logistics and warehousing assets.
All 19 companies will be consolidated into a single entity – FEL – and then transferred to Reliance,
In April, Future Group companies will hold meetings of their respective shareholders and creditors between April 20 and April 23, 2022 to obtain their approval. 24,713 crore deal.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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