MUMBAI: The story of Kishore Biyani’s retail empire is coming to an end. The insolvency professional overseeing the bankruptcy proceedings has suggested the liquidation of Future Retail, the struggling company that lost most of its flagship locations after Reliance Retail took over their tenancy.
Future Retail mentioned in a letter to the exchange that the resolution plan from Space Mantra, a platform for construction materials, for Future Retail (FRL) was not approved by the committee of creditors. As a result, the resolution professional has taken the next step. On November 9, an application was filed with the NCLT, Mumbai bench, seeking to initiate the liquidation process for FRL under Section 33 of the Insolvency and Bankruptcy Code, 2016.
The plan presented by Space Mantra was rejected by the lenders in the vote on September 30, receiving only 42% support, which is below the necessary 66% for approval. In accordance with the regulations of the Insolvency and Bankruptcy Board of India (IBBI), the RP must submit an application to the NCLT based on the voting results.
Reliance Retail holds total approved claims of Rs 19,400 crore, while Space Mantra had offered Rs 550 crore. Most other bidders who submitted binding offers were scrap dealers.
Future Retail mentioned in a letter to the exchange that the resolution plan from Space Mantra, a platform for construction materials, for Future Retail (FRL) was not approved by the committee of creditors. As a result, the resolution professional has taken the next step. On November 9, an application was filed with the NCLT, Mumbai bench, seeking to initiate the liquidation process for FRL under Section 33 of the Insolvency and Bankruptcy Code, 2016.
The plan presented by Space Mantra was rejected by the lenders in the vote on September 30, receiving only 42% support, which is below the necessary 66% for approval. In accordance with the regulations of the Insolvency and Bankruptcy Board of India (IBBI), the RP must submit an application to the NCLT based on the voting results.
Reliance Retail holds total approved claims of Rs 19,400 crore, while Space Mantra had offered Rs 550 crore. Most other bidders who submitted binding offers were scrap dealers.
