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Debt-ridden Future Enterprises Ltd (FEL) on Friday said it has defaulted on payment of Rs 2,835.65 crore to various banks and lenders.
The due date to "pay an aggregate amount of Rs 2,835.65 crore" to its lenders, who are parties to an agreement under the One Time Restructuring (OTR) scheme, was March 31, 2022, FEL said in a regulatory filing.
"The Company was not able to discharge the aforesaid Obligations to banks and lenders, on Due Date," it said.
However, the company said, under the OTR scheme for COVID-hit companies with a consortium of banks, FEL has review period of 30 days from the due date in terms of an RBI circular August 6, 2020
"The Company shall intimate the further development and updates in this connection as and when applicable," it added.
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.
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The group's leading company Future Retail Ltd also on Friday informed that 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.
FEL is part of the Rs 24,713 crore deal announced by the Future Group in August 2020, under which it is to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).
All 19 companies would be consolidated into one entity -- FEL -- and then transferred to RRVL.
Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the Rs 24,713 crore deal.
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