A new problem has come in front of Kishore Biyani’s company Future Enterprises Limited (FEL). In fact, the company has defaulted on payment of Rs 93.99 crore to Punjab National Bank (PNB) and Canara Bank under the one-time restructuring (OTR) scheme.
In a communication sent to the stock exchanges, FEL said that the due date for payment of this amount was March 23. The company failed to fulfill its commitments to the banks/lenders. However, FEL has said that it has a review period of 30 days from the date of dues in accordance with the Reserve Bank’s circular dated August 6, 2020.
Several Future Group companies had entered into agreements with their respective lenders in accordance with the Reserve Bank’s circular dated August 6, 2020. The resolution framework for the stress related to COVID-19 was announced in this circular.