Future Enterprises defaults on principal amount of Rs 126.13 cr in Sep

Debt-ridden Future Enterprises has defaulted on a principal amount of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for NCDs and Rs 27.78 crore to banks, under a one-time restructuring (OTR) scheme. Future Enterprises Ltd (FEL) had entered into the OTR scheme for COVID-hit companies with its consortium of banks and lenders on October 27, 2020, as per the RBI guidelines. The due date for payment of the principal amount of Rs 126.13 crore to various banks and lenders, who were part of OTR scheme, was on September 30, 2022. "The company was not able to discharge the aforesaid obligations to banks and lenders, on the Due Date," FEL said in a regulatory filing on Saturday. FEL has missed a deadline for payment of the principal amount of 12 non-convertible debentures (NCDs) totalling Rs 98.35 crore. These NCDs had Coupon Rates ranging between 9.25 per cent to 10.50 per cent. It has defaulted on principal repayment of a term loan of Rs 15.76 crore from

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