January 30, 2023

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Future Enterprises defaults on Rs 1.07 crore interest payment for NCDs

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The total total of securities issued was Rs 23 crore and Upcoming Enterprises has defaulted on this gross principal total

Future Enterprises loan default

New Delhi: Credit card debt-ridden Upcoming Enterprises Ltd (FEL) on Thursday claimed it has defaulted on payment of curiosity on non-convertible debentures of Rs 1.07 crore.

“The organization is not able to service its obligations in respect of the fascination on Non-Convertible Debentures that was due on November 16, 2022,” it said in a regulatory submitting.

The debentures have a coupon fee of 9.28 per cent and FEL has defaulted on curiosity payments for the interval from May 17, 2022, to November 15, 2022.

The full quantity of securities issued was Rs 23 crore and a default has happened on this gross principal total.

The personal debt-ridden Long run Team has been experiencing a few petitions filed by its operational creditors prior to the Countrywide Corporation Regulation Tribunal (NCLT) to initiate insolvency proceedings versus the enterprise.

Loan companies of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had a short while ago defaulted on payment of interest on a number of Non-Convertible Debentures (NCDs).

It is engaged in the business enterprise of producing, buying and selling, leasing of property and logistics providers. It employed to acquire, very own and lease the retail infrastructure for the Upcoming Group.

FEL also holds the group’s investments in subsidiaries and joint ventures, which includes in sectors like insurance, textile production, provide chain and logistics.

Past month, it had reported to have defaulted a principal total of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for the NCDs and Rs 27.78 crore to the banks, beneath one particular-time restructuring plan.

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