Page 6 - Future Retail News Today

FCL, the FMCG arm of the debt-ridden Future Group, had defaulted on Rs 253.95 crore loans and revolving facilities like cash credit from banks and financial institutions as on September 30, a filing said on Thursday.

Kishore Biyani-promoted Future Retail, which is undergoing a corporate insolvency process, received only one eligible resolution plan from Space Mantra even as large conglomerates such as Adani Group and Reliance Industries had made expressions of interest.

Space Mantra was the single bidder for FRL. According to some media reports, Space Mantra had offered around Rs 550 crore, which was very close to liquidation value. It was just 2.8 per cent of FRLs outstanding dues of Rs 19,773 crore to its financial creditors.

HDFC Bank, which had initially raised concerns about SpaceMantras debt resolution proposal for Future Retail Ltd (FRL), surprised everyone by voting in favor of the Rs 550 crore offer. However, the offer did not receive the necessary majority support. The voting results showed that 58.38% of lenders voted against SpaceMantras offer, which means that the company may now be liquidated.

The Resolution Plan submitted by Space Mantra for Future Retail Ltd (FRL), failed to get the required number of votes in the e-voting process of the Committee of creditors (CoC).

Kishore Biyani-promoted Future Retail, which is undergoing a corporate insolvency process, received only one eligible resolution plan from Space Mantra even as large conglomerates such as Adani Group and Reliance Industries had made expressions of interest.

"Kishore Biyani - Director of the Company, has filed a writ petition before High Court, Bombay, inter alia challenging the Forensic Audit process, including the Forensic Audit Report dated August 09, 2023, submitted to BOI by BDO India," FRL said.Bank of India is the lead creditor of FRL, and CIRP was initiated against the retailer on its plea.

The founder of the Future Group, Kishore Biyani, has approached the Bombay High Court challenging the forensic audit process and report on the accounts of the Future Retail Ltd. (FRL) company.

Salman Khan had bought the Linking Road property for nearly ₹120 crore a decade ago to build a commercial premise.

Kishore Biyani, the former promoter of Future Retail, has filed a petition in the Bombay High Court challenging the forensic audit process of the company. Bank of India had asked Biyani and his brother to respond to the findings of the forensic audit report. The resolution professional of Future Retail had replied to the banks queries.