{"id":33225,"date":"2022-04-01T21:35:15","date_gmt":"2022-04-01T16:05:15","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-future-enterprises-default-2\/"},"modified":"2022-04-01T23:28:10","modified_gmt":"2022-04-01T17:58:10","slug":"biz-future-enterprises-default-2","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-future-enterprises-default-2\/","title":{"rendered":"Future Enterprises defaults on Rs 2,835.65 cr loan repayment"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2857793050\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Apr 1 (PTI) 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.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2071427884\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The due date to &#8220;pay an aggregate amount of Rs 2,835.65 crore&#8221; 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.<\/p>\n<p> &#8220;The Company was not able to discharge the aforesaid Obligations to banks and lenders, on Due Date,&#8221; it said.<\/p>\n<p> 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 \t &#8220;The Company shall intimate the further development and updates in this connection as and when applicable,&#8221; it added.<\/p><div class=\"trade-content_5\" id=\"trade-4072244855\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> 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.<\/p>\n<p> The group&#8217;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.<\/p>\n<p> 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).<\/p>\n<p> All 19 companies would be consolidated into one entity &#8212; FEL &#8212; and then transferred to RRVL.<\/p>\n<p> 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. PTI KRH  KRH ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-3393050870\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Apr 1 (PTI) 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 &#8220;pay an aggregate amount of Rs 2,835.65 crore&#8221; to its lenders, who are parties to an agreement under the One Time Restructuring (OTR) scheme, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-33225","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Future Enterprises defaults on Rs 2,835.65 cr loan repayment - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-future-enterprises-default-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Future Enterprises defaults on Rs 2,835.65 cr loan repayment\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Apr 1 (PTI) 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. 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