Future Enterprises (FEL) has defaulted on payment of Rs 93.99 crore to Punjab National Bank (PNB) and Canara Bank under the one-time restructuring (OTR) plan. The due date for payment of the amount was March 23. However, the company had a review period of 30 days from the above due date in terms of the RBI circular dated August 6, 2020.
Several Future group companies including FEL has entered into agreement with their respective lenders in terms of the RBI circular dated August 6, 2020, in which a resolution Framework for COVID 19 related Stress was announced.
Future Enterprises develops, owns and leases the retail infrastructure for the Group. The company also holds the Group’s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics.
