Two leading companies of the Kishore Biyani-led Future Group – Future Retail Limited (FRL) and Future Enterprises Limited (FEL) – on Friday together defaulted on loan repayments worth ₹ 8,157.97 crore.
The due date for payment of ₹ 2,835.65 crore by FEL and ₹ 5,322.32 crore by FRL was March 31, 2022.
Last year, FRL and FEL along with several other Future Group companies had entered into a One Time Restructuring (OTR) scheme for COVID-hit companies with a consortium of banks.
FRL said it has missed the due date for repayment of ₹ 5,322.32 crore to lenders because of the ongoing litigations with e-commerce major Amazon and other related issues.
