The Future Group has to make about $14 million (around Rs 21,000 crore) worth of scheduled coupon payments that are due this month, failing which bondholders could initiate legal measures against the Kishore Biyani-led FMCG major. 

Industry analysts point out that if bond investors initiate legal action against the company, it could be a huge blow after the Supreme Court’s order last week, which stalled Future Retail’s mega Rs 24,713-crore deal with Reliance Retail. 

Some investors are, however, wary since they feel that they will have to undertake a huge haircut on the Rs 21,000-crore debt that the Future Group owes, if the company is dragged to insolvency. 

The Supreme Court last week upheld e-commerce giant Amazon’s plea, seeking a hold on the Rs 24,713-crore deal between Reliance Retail and Future Retail. 

The SC had said that the Singaporean arbitrator’s decision that had stalled the deal between the two retail giants held merit and that Amazon’s objections were valid as well as applicable in the country. 

The Future Group owes about Rs 21,000 crore to as many as 28 local and foreign banks, and their hopes were dashed after the recent SC verdict. 

Lenders of debt-ridden Future Retail had also approved a plan to restructure the existing financial debt of the company under an RBI-announced resolution framework for COVID-19-related stress. 

The restructuring plan was also approved by an expert committee, formed by the RBI under the chairmanship of K V Kamath. 

As a part of the resolution plan, the debt raised through the non-convertible debentures issued by FRL was a part of the existing debt and was proposed to be restructured.