FLFL’s default of Rs 1,465.67 crore “comprised of the persisting default” of Rs 436.01 crore for the September 2022 quarter, the company said in a regulatory filing
New Delhi: Debt-ridden Future Lifestyle Fashion Ltd (FLFL) on Monday said its total outstanding debt is reduced to Rs 1,827.82 crore as of December 31, 2022, while its total default stood at Rs 1,465.67 crore.
FLFL’s default of Rs 1,465.67 crore “comprised of the persisting default” of Rs 436.01 crore for the September 2022 quarter, the company said in a regulatory filing.
Its total amount of outstanding loans includes the “Listed Non-Convertible Debentures (NCDs) of Rs 350 crore” and deferred interest on NCDs of Rs 42.98 crore, it added.
“There is a reduction in the total outstanding financial indebtedness of the company from Rs 2,008.44 crores as of June 30, 2022, to Rs 1,827.82 crore as of December 31, 2022, on account of the repayments of the debt by the Company,” it said.
FLFL’s lenders implemented One Time Restructuring (OTR) on April 30, 2021.
“Subsequently, in view of the non-repayment of the principal amount due under the said OTR, the accounts of the company were classified as Non-Performing Assets on 31st May 2022,” the filing said.
Last Friday, FLFL in a regulatory update informed BSE that it is facing three petitions from its creditors to initiate insolvency proceedings against it before the Mumbai bench of NCLT.
“…The matters filed under the Code (IBC) against the Company before the NCLT for their claim and are being defended by the Company before the NCLT. None of them has been admitted till date,” it said.
FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs), and other multi-brand outlets (MBOs of nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana in its portfolio.
The company was considering asset monetization to pare its debts.
FLFL was part of the 19 group companies operating in retail, wholesale, logistics, and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April. After that, Future group companies had several defaults on payments.
