Future Group failed to repay its debt! Did not make payment of Rs 8.98 crore

Future Enterprises Limited in Debt: Future Enterprises Limited, a heavily indebted company, failed to repay its debt once again on Friday, 14 October 2022. The company stated that it could not pay the total interest due on Non-Convertible Debentures (NCDs) of Rs 8.98 crore. This is the second time in a week that the company has been unable to pay the interest on its loans. Even before this, Future Enterprises Limited (FEL) could not pay the interest of Rs 9.16 crore on its NCDs on Wednesday i.e. 12 October 2022. The company told that it was to pay FEL Rs 9.16 crore by October 13, but due to the poor financial situation (Financial Crisis of Future Group), the company could not pay this interest.

The company did not pay interest in April
Let us tell you that Future Enterprises Limited has not paid interest on its total securities of Rs 112 crore from 13 April 2022 to 12 October 2022. Future Group has failed to repay its interest several times in the last month. In such a situation, a total of three petitions have been filed to initiate insolvency proceedings against the debt-ridden company. These petitions have been filed by the National Company Law Tribunal (NCLT). The lander of the company has also appointed an auditor to conduct forensic audit of the company.

Know about Future Group-
Future Group has invested in a variety of sectors along with other companies. These companies work in insurance, textile manufacturing, supply chain and logistics. Recently, the Future Group (Big Bazaar) was about to enter into deals with Reliance Retail with 19 retail companies, but the deal broke in April this year due to non-payment of loans to its lenders.

read this also-

FD Rates: Axis Bank hikes 0.75% interest rate on FDs! Customers will get this much return on deposits of less than 2 crores