Future Lifestyle Fashions (FLF), a flagship fashion business of Future Group informed the exchange that the lenders have executed One Time Resolution (OTR) plan. This is as per the Reserve Bank of India’s resolution framework for COVID-19-related stress faced by institutions.
The company informed the exchange, “We would like to inform that identified lenders, concerned banks and the Company have executed necessary agreements, deeds, undertakings and relevant documents on 30 April 2021 for implementation of One Time Resolution (OTR) Plan under Reserve Bank of India, 6 August 2020 circular on Resolution Framework for COVID 19 related stress.”
Other than FLF, Kishor Biyani Group’s Future Retail, Future Enterprises and Future Supply Chain Solutions have implemented One Time Resolution (OTR) plan. They received approval from the board of directors recently on a resolution plan to restructure existing secured financial debt from the company’s bankers as permitted under the Reserve Bank of India’s Resolution Framework for COVID 19 related stress.
In April, a consortium of 28 banks had approved a resolution plan for debt restructuring of the Kishore Biyani-led group's flagship firm Future Retail Ltd.
Future Enterprises has 19 lenders, including HDFC Bank, IDBI Bank, Indian Bank, Axis Bank, Canara Bank, Central Bank of India, Indian Overseas Bank, Punjab National Bank, Bank of India, State Bank of India and Bank of Baroda.
The company has not specified the total debt under the restructuring.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
