Future enterprises defaults on Rs 19.16cr Loan Repayment

Future Group’s listed entity Future Enterprises Ltd. (FEL) on Tuesday said it has defaulted on a latest loan repayment. FEL was scheduled to repay Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India on March 28 as part of a one-time restructuring (OTR) plan.

“The company was not able to discharge the aforesaid obligations to respective banks/lenders, on (the) due date,” FEL told the stock exchanges on Tuesday. “We would like to further inform that the company has review period of 30 days (from the above due date) in terms of the RBI circular dated August 6, 2020 and further in terms of provision of the above amount due to bankers/lenders.”

Future Enterprises is scheduled to pay around Rs 2200 core debt installments to various lenders in March as part of the OTR of its loans.

The latest disclosure came barely after FEL last week had told the stock exchanges that it had defaulted on payment of Rs 93.99 crore to PNB and Canara Bank under the OTR plan.

Future Group is currently staring into bankruptcy and more than two dozen lenders have already classified the debt of flagship Future Retail Ltd. As NPAs. S-ET

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