The complete sum of securities issued was Rs 23 crore and Long term Enterprises has defaulted on this gross principal volume
New Delhi: Personal debt-ridden Foreseeable future Enterprises Ltd (FEL) on Thursday stated it has defaulted on payment of interest on non-convertible debentures of Rs 1.07 crore.
“The corporation is unable to support its obligations in regard of the desire on Non-Convertible Debentures that was owing on November 16, 2022,” it mentioned in a regulatory submitting.
The debentures have a coupon amount of 9.28 per cent and FEL has defaulted on curiosity payments for the period of time from May perhaps 17, 2022, to November 15, 2022.
The complete total of securities issued was Rs 23 crore and a default has occurred on this gross principal volume.
The personal debt-ridden Future Team has been struggling with 3 petitions submitted by its operational creditors in advance of the Countrywide Company Legislation Tribunal (NCLT) to initiate insolvency proceedings versus the business.
Lenders of FEL have also appointed an auditor for conducting a forensic audit of the company. FEL had just lately defaulted on payment of interest on a number of Non-Convertible Debentures (NCDs).
It is engaged in the small business of production, investing, leasing of assets and logistics solutions. It used to build, possess and lease the retail infrastructure for the Potential Group.
FEL also holds the group’s investments in subsidiaries and joint ventures, such as in sectors like insurance coverage, textile manufacturing, source chain and logistics.
Final month, it experienced stated to have defaulted a principal volume of Rs 126.13 crore in September, which contains payment obligation of Rs 98.35 crore for the NCDs and Rs 27.78 crore to the banking institutions, less than 1-time restructuring scheme.