The Mumbai bench of the National Company Law Tribunal (NCLT), which heard the petition filed by Futture Retail’s resolution professional on Thursday, granted the exclusion of 90 days from the Corporate Insolvency Resolution Process, the company said in a stock exchange update.
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani Group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which owns Big Bazaar. FRL is currently going through insolvency resolution process. Some of the other players who have submitted EoI include Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd, Universal Associates and WHSmith Travel Ltd among others. Read this visual story to know more about what s next for Future Retail.
Reliance Retail, WHSmith Travel Limited, Jindal Power Limited, JC Flowers Asset Reconstruction Private Limited, Gordon Brothers-led consortium, Sahara Enterprises are among 49 companies that have submitted their EoIs for Future Retail
With his exit, Biyani will join the likes of businessmen who will be remembered, not for the empires that they built, but the value that they destroyed.