The complete quantity of securities issued was Rs 23 crore and Long run Enterprises has defaulted on this gross principal volume
New Delhi: Debt-ridden Potential Enterprises Ltd (FEL) on Thursday explained it has defaulted on payment of fascination on non-convertible debentures of Rs 1.07 crore.
“The enterprise is not able to services its obligations in regard of the desire on Non-Convertible Debentures that was due on November 16, 2022,” it said in a regulatory submitting.
The debentures have a coupon rate of 9.28 for each cent and FEL has defaulted on fascination payments for the period from Might 17, 2022, to November 15, 2022.
The complete total of securities issued was Rs 23 crore and a default has transpired on this gross principal quantity.
The financial debt-ridden Long term Group has been facing three petitions submitted by its operational collectors in advance of the Countrywide Enterprise Legislation Tribunal (NCLT) to initiate insolvency proceedings towards the enterprise.
Creditors of FEL have also appointed an auditor for conducting a forensic audit of the company. FEL experienced lately defaulted on payment of interest on numerous Non-Convertible Debentures (NCDs).
It is engaged in the business of manufacturing, trading, leasing of assets and logistics providers. It applied to produce, individual and lease the retail infrastructure for the Long term Group.
FEL also retains the group’s investments in subsidiaries and joint ventures, including in sectors like insurance policies, textile manufacturing, supply chain and logistics.
Very last thirty day period, it had explained to have defaulted a principal quantity of Rs 126.13 crore in September, which consists of payment obligation of Rs 98.35 crore for the NCDs and Rs 27.78 crore to the banking institutions, beneath one-time restructuring plan.