Page 3 - Future Enterprises News Today

Future Lifestyle Fashions (FLFL), a Kishore Biyani-promoted company, has received two resolution offers from scrap dealer Space Mantra and fashion retailer Donear Industries. Space Mantras Rs 550-crore offer for Future Retail was rejected by lenders due to its low price. Donear Industries-owned textile maker GBTL showed interest in acquiring Future Enterprises, but did not submit a resolution plan.

Future Lifestyle Fashions (FLFL), a Kishore Biyani-promoted company, has received two resolution offers from scrap dealer Space Mantra and fashion retailer Donear Industries. Space Mantras Rs 550-crore offer for Future Retail was rejected by lenders due to its low price. Donear Industries-owned textile maker GBTL showed interest in acquiring Future Enterprises, but did not submit a resolution plan.

Future Group: In a financial maneuver that has raised eyebrows, Jindal (India) has submitted a bid of ₹301 crore for the debt-laden Future Enterprises (FEL), a sum that amounts to less than 3% of the staggering ₹12,265-crore loan exposure, rendering it almost inconsequential to the lenders, according to individuals familiar with the bidding process.

In a financial maneuver that has raised eyebrows, Jindal (India) has submitted a bid of ₹301 crore for the debt-laden Future Enterprises (FEL), a sum that amounts to less than 3% of the staggering ₹12,265-crore loan exposure, rendering it almost inconsequential to the lenders, according to individuals familiar with the bidding process.

When the closing price falls below the VWAP, it signifies that the closing price is lower than the average price at which it was traded throughout the day, with the average being weighted by trading volume.

Kolkata-based Jindal's plan was the only one that was submitted to the creditors till last week, as per the report. November 10 was the last date to submit the resolution plans for Future Enterprises Limited.

Jindals plan was the only one received by creditors till the end of business on Friday, the last date for submission of resolution plans for FEL, which owes creditors led by Central Bank of India and its arm Centbank Financial Services a total ₹12,265 crore, the second largest debt pile from the defunct retail giant Future Group.

BC Jindal Group: Jindals plan was the only one received by creditors till the end of business on Friday, the last date for submission of resolution plans for FEL, which owes creditors led by Central Bank of India and its arm Centbank Financial Services a total ₹12,265 crore, the second largest debt pile from the defunct retail giant Future Group.

Along with this, exchanges published names of 11 other securities that will be moved out of ASM.

The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them.