Future group firm Future Enterprises Ltd (FEL) has reported a fresh default on interest payment of non-convertible debentures (NCDs).

The company said it has defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore.

“The company is unable to service its obligations in respect of the interest on non-convertible debentures due on September 27, 2020; since September 27, 2020, was holiday, interest was due on September 28, 2020,” FEL said.

The obligation has a coupon rate of 9.60 per cent per annum and is paid on a half-yearly basis on March 27 and September 27 each year.

Even after an asset sale deal with Reliance Retail, Future Group’s debt woes are far from over, as banks have refused to extend fresh loans to the Kishore Biyani-led firm. Future Group entities have defaulted on loans at least four times since the Reliance deal was announced on August 29.

Reliance Retail, a subsidiary of Reliance Industries, is to buy Future Group’s retail, wholesale, logistics and warehousing businesses for ₹24,713 crore. But the money is yet to reach the lenders as the deal has not been completed yet.

Future Group firm Future Consumer has defaulted on payment of principal of ₹20 crore and interest of ₹2.03 crore. Another group firm, Rivaaz Trade Ventures, has defaulted on debt obligation due on August 31.

Future Enterprise was unable to service its commercial paper obligations, with principal of ₹90 crore, due on September 14. Last week, Future Enterprises said it defaulted on interest payments of ₹15.86 crore for its NCDs.