Future Lifestyle Fashion reduces total outstanding debt

By

Isabelle Crossley

Published
Jan 11, 2023

Future Lifestyle Fashion announced that it has reduced its total outstanding debt to Rs 1,827.82 crore, down from Rs 2,008.44 crore. The garment business’ total default now stands at Rs 1,465.67 crore. 

Future Lifestyle Fashion Limited announced on January 9 that its total default on its loans includes Rs 436.01 crore of its “persisting default” for the September quarter of 2022, ET Bureau reported. The business also reported that its total outstanding loan amount includes Rs 350 crore of “Listed Non-Convertible Debentures”. 
 
“There is a reduction in the total outstanding financial indebtedness of the company from Rs 2,008.44 crore 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,” wrote the business in a regulatory filing, accessed by the Press Trust of India. “Subsequently, in view of the non-repayment of the principal amount due under said OTR, the accounts of the company were classifies as Non-Performing Assets on 31st May, 2022.” 

Future Lifestyle Fashion informed the Bombay Stock Exchange in a regulatory update that it is currently facing three petitions against it by its creditors. The petitions have been made against the business at the National Company Law Tribunal in Mumbai and the business is defending the matters before the NCLT. To date, none of the petitions have been admitted by the court, according to Future Lifestyle Fashion.