<p>Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on payment of interest on non-convertible debentures of Rs 1.07 crore.</p>.<p>"The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022," it said in a regulatory filing.</p>.<p>The debentures have a coupon rate of 9.28 per cent and FEL has defaulted on interest payments for the period from May 17, 2022, to November 15, 2022.</p>.<p>The total amount of securities issued was Rs 23 crore and a default has occurred on this gross principal amount.</p>.<p>The debt-ridden Future Group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company.</p>.<p>Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several Non-Convertible Debentures (NCDs).</p>.<p>It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future Group.</p>.<p>FEL also holds the group's investments in subsidiaries and joint ventures, including in sectors like insurance, textile manufacturing, supply chain and logistics.</p>.<p>Last month, it had said to defaulted a principal amount 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, under one-time restructuring scheme.</p>
<p>Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on payment of interest on non-convertible debentures of Rs 1.07 crore.</p>.<p>"The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022," it said in a regulatory filing.</p>.<p>The debentures have a coupon rate of 9.28 per cent and FEL has defaulted on interest payments for the period from May 17, 2022, to November 15, 2022.</p>.<p>The total amount of securities issued was Rs 23 crore and a default has occurred on this gross principal amount.</p>.<p>The debt-ridden Future Group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company.</p>.<p>Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several Non-Convertible Debentures (NCDs).</p>.<p>It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future Group.</p>.<p>FEL also holds the group's investments in subsidiaries and joint ventures, including in sectors like insurance, textile manufacturing, supply chain and logistics.</p>.<p>Last month, it had said to defaulted a principal amount 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, under one-time restructuring scheme.</p>