Business Business Stories Interviews

Future Enterprises defaults on Rs 19.16 crore loan repayment

Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on loan repayment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.

This is the second default by FEL this month.

The due date for loan repayment of Rs 19.16 crore was March 28, FEL said in an administrative recording.

“The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date,” it said.

In any case, FEL said it had an audit time of 30 days from the due date in terms of the RBI circular dated August 6, 2020, and further in terms of the provision of the agreement to make installment of the sum.

On March 25, the Future Group firm had educated about defaulting on loan repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The cutoff time for the reimbursement was March 23.

A few Future Group organizations, including FEL, have gone into agreements with their particular loan specialists in terms of the RBI circular dated August 6, 2020, in which a resolution framework for COVID-related stress was reported.

The Future Retail Ltd defaulted on payments of Rs 3,494.56 crore to banks in January under the OTR plan.

English »