Future Enterprises Ltd. News and Updates

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14 Apr 2023

NCLT grants 90 days extension to Future Retail for concluding insolvency

Moneycontrol

Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL.

Future Enterprises Ltd. has lost -30.23% in the last 1 Year

Future Enterprises Ltd.

13 Apr 2023

Future Retail's creditors seek 90 days extension for concluding insolvency resolution process

livemint

The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) 'seeking exclusion of a period of 90 days from CIRP of FRL, and consequent extension from April 16, 2023, to July 15, 2023, for concluding the CIRP of FRL'

Future Enterprises Ltd. is trading above its 100 day SMA of 0.6

Future Retail's creditors seek 90 days extension to concluding insolvency

Business Standard | 12 Apr 2023, 10:48PM

Future Enterprises Ltd.

23 Mar 2023

FRL insolvency: Creditors invite fresh bids, divide assets into 5 clusters

Business Standard

The creditors of Future Retail Ltd have now invited new expressions of interest where the prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters" of its assets as it failed to attract a resolution plan in over four months. Despite finalising 11 prospective bidders like Reliance and Adani group' JV April Moon Retail, FRL against which the corporate insolvency resolution process (CIRP) was initiated on July 20, 2022, failed to receive any bids till February 20, 2023 despite two extensions in deadline for submissions. Following this, lenders have decided to divide the assets into clusters to make them more attractive to buyers. "... the last date of receipt of resolution plans was December 15, 2022, which was subsequently extended to January 16, 2023 and thereafter to February 20, 2023. However, no resolution plans were received for FRL by the due date of submission of resolution plans for the Corporate...

Future Enterprises Ltd. is trading below its 150 day SMA of 0.6

Future Enterprises Ltd.

16 Mar 2023

Biyani withdraws resignation from post of exec chairman, director of FRL

Business Standard

The letter was received by the by resolution professional through e-mail on Tuesday

Future Enterprises Ltd. is trading below its 150 day SMA of 0.6

Kishore Biyani withdraws resignation from FRL's suspended board as Chairman

Business Standard | 15 Mar 2023

Future Enterprises Ltd.

08 Mar 2023

Future Enterprises admitted for insolvency, NCLT appoints interim RP

Business Standard

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore

Future Enterprises Ltd. has lost -30.23% in the last 1 Year

NCLT orders commencement of insolvency proceedings against Future Enterprises

Business Line | 08 Mar 2023

Future Enterprises Ltd.

01 Mar 2023

FRL fails to get revival plan, lenders to decide further course of action

Business Standard

The date of submission of the resolution plans for the company was February 20 after subsequent extensions were granted by the lenders, the company said

Future Enterprises Ltd. is trading below its 150 day SMA of 0.6

Future Enterprises Ltd.

18 Feb 2023

Future Enterprises defaults on Rs 12.75-crore interest payment on NCDs

Business Standard

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs). The due date for payment was February 16, 2023, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on February 16, 2023," it said. The debentures have a coupon rate of 9.60 per cent for both series. The Gross Principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund. FEL had recently defaulted on payment of interest on several non-convertible debentures. 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. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. It is engaged

Future Enterprises Ltd. is trading above its 100 day SMA of 0.6

Future Enterprises Ltd.

23 Jan 2023

Bankruptcy proceedings against FRL extended by 90 days

Business Line

Exactly six months have passed and bankruptcy proceedings are still in the initial stages with expressions of interest being received from 13 parties

Future Enterprises Ltd. has lost -30.23% in the last 1 Year

Future Enterprises Ltd.

22 Dec 2022

Future Enterprises defaults on Rs 86.18 lakh interest payment for NCDs

Business Standard

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures. The due date for payment was December 21, 2022, it said in a regulatory filing. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures... due on December 21, 2022," it said. The debentures have a coupon rate of 9.55 per cent per annum. FEL has defaulted on interest payments for the period from June 21, 2022, to December 20, 2022. The total amount of securities issued was Rs 18 crore. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. In recent times, the company has defaulted on payment of interest on several non-convertible debentures. 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.