Future Enterprises defaults on interest payment

The interest payment was due for 182 days between December 20, 2021 and June 20, 2022, for a principal amount of Rs 18 crore, it said in a regulatory update.

Previously on May 14, FEL failed to make an interest payment of Rs 8.94 lakh due on NCDs.
Previously on May 14, FEL failed to make an interest payment of Rs 8.94 lakh due on NCDs.

Future Enterprises (FEL), a part of the beleaguered Future Group, on Wednesday said it defaulted on an interest payment of Rs 85.71 lakh due on non-convertible debentures (NCDs).

The company is unable to service its obligations in respect of the interest on NCDs due on June 21, 2022. The interest payment was due for 182 days between December 20, 2021 and June 20, 2022, for a principal amount of Rs 18 crore, it said in a regulatory update.

This is the latest in a series of defaults on NCD interest payment by FEL. Earlier, on Tuesday, FEL said it defaulted on an interest payment of Rs 6.07 crore due on NCDs for a principal amount of Rs 120 crore. On June 8, it said it defaulted on an interest payment of Rs 1.42 crore due on NCDs for a principal amount of Rs 29 crore, and before that on May 18, it defaulted on an interest payment of Rs 1.06 crore. Previously on May 14, FEL failed to make an interest payment of Rs 8.94 lakh due on NCDs.

Separately, the Mumbai bench of the National Company Law Tribunal (NCLT) will continue to hear US retailer Amazon’s plea that opposed Bank of India’s (BoI) insolvency petition against debt-laden Future Retail (FRL) on Thursday. Earlier in April, BoI had moved the bankruptcy court seeking insolvency proceedings against FRL, the flagship firm of Kishore Biyani-led Future Group.

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