Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs).

The due date for payment was February 16, FEL said in a regulatory filing.

“The company is unable to service its obligations in respect of the interest on non-convertible debentures due on February 16,” it said.

The debentures have a coupon rate of 9.60 per cent for both series. T he g ross principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund.

FEL had defaulted on payment of interest on several non-convertible debentures.

The debt-ridden Future group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal to initiate insolvency proceedings against the company.

Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm.