Future Enterprises Ltd. (FEL), a company that is heavily in debt, announced on Thursday that it had missed a payment of Rs 1.07 crore on interest on non-convertible debentures.
In a regulatory statement, the firm stated that it was "unable to fulfil its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022."
The coupon rate for the debentures is 9.28%, and from May 17 to November 15, 2022, FEL missed interest payments.
There has been a default on the gross principal amount of the securities, which totalled Rs23 crore in total issuance cost.
Three petitions to begin insolvency proceedings against the heavily indebted Future Group have been submitted before the National Company Law Tribunal (NCLT) by its operating creditors.
Additionally, FEL's lenders hired an auditor to perform a forensic audit on the company. FEL recently fell behind on the interest payments due on a number of non-convertible debt obligations (NCDs).
It operates in the manufacturing, trade, asset leasing, and logistics services industries. It once created, owned, and leased Future Group's retail infrastructure.
In addition, FEL owns the group's stakes in joint ventures and subsidiaries, including those in the insurance, textile manufacturing, supply chain, and logistics industries.
It had previously stated that it had fallen behind on the main payment of Rs126.13 crore in September, including obligations to pay Rs98.35 crore for NCDs and Rs27.78 crore to banks as part of a one-time restructuring scheme.
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