Payments were due on March 31 under one-time restructuring schemePayments were due on March 31 under one-time restructuring schemeTwo leading companies of the Kishore Biyani-led Future Group - Future Retail and Future Enterprises - on Friday collectively defaulted on loan repayments worth ₹8,157.97 crore. The due date for payment of ₹2,835.65 crore by Future Enterprises Ltd. (FEL) and ₹5,322.32 crore by Future Retail Ltd. (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. Several Future Group companies, including FEL, had entered into agreements with their respective lenders in terms of the RBI circular dated August 6, 2020, in which a resolution framework for COVID-related stress was announced. Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the ₹24,713 crore deal.

Source: The Hindu April 02, 2022 05:06 UTC