On July 1, Future Lifestyle Fashions Ltd (FLFL) in an exchange filing reported defaulting worth Rs 335.08 crore on the principal of the loan. The due date was June 30. The principal includes Rs 3.27 crore term loan from State Bank of India; Rs 72.25 crore worth of working capital term loans from Bank of India, Bank of Baroda, and IDBI Bank; Rs 208 crore of purchase bills discounting from State Bank of India, IndusInd Bank, IDFC Bank, IndusInd Bank, IDFC First Bank, and Jammu & Kashmir Bank.
FLFL reported its total outstanding loans from various banks and financial institutions at Rs 1598.25 crore and the total debt of the company at Rs 2008.44 crore.
FLFL runs retail chains Central and Brand Factory; it runs exclusive brand outlets and multi-brand outlets for over a dozen labels.
Future Enterprise Ltd (FEL) also reported a default of Rs 126.13 crore. The due date of the loan under OTR
“We refer to the above and obligation on the Company to pay an aggregate amount of Rs.126.13 crores (obligations) (as defined in the OTR Plan) to various banks and lenders (who are parties to the Agreement under OTR Plan) on 30th June, 2022 (Due Date). The Company was not able to discharge the aforesaid Obligations to banks and lenders, on the Due Date.
Future Consumer Ltd (FCL) also reported a default of Rs 17.2 crore which includes Rs 15.30 crore principal and Rs 1.9 crore interest. FCL said its total debt stood at Rs 447.80 crore.
Amid an ongoing crisis, several Future Group companies were out on an (one-time restructuring) OTR plan with a consortium of banks.