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Jindal (India) has submitted a debt resolution plan for Future Enterprises under the Insolvency and Bankruptcy Code (IBC) process. The company will be against Reliance Retail, which has sought time till October 30 to decide if it wants to bid for Future Enterprises.
Lenders to Bansi Mall Management Co Pvt Ltd (BMMCPL), which owns SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover their dues totalling Rs 571 crore.
Mukesh Ambani's consumer business is set to gain further momentum as it has opened the gates to its Metro Cash & Carry stores for everyone, and not just B2B customers. Nearly nine months after the deal with Metro AG went through, Ambani now aims to sell more of its products through the wholesale distributors it gained through the deal.
Future Enterprises' creditors were informed at a meeting on Thursday that an extension had been sought by both prospective bidders who were due to submit formal offers on 24th August. The bid deadline has now been extended to 25th September, according to the sources.
State Bank of India (SBI) plans to sell over INR 960 billion ($12.9 billion) of distressed loans to asset reconstruction companies. The countrys largest bank prepared a list of 331 accounts, including loans to Future Group, Anil Ambani-promoted firms, Videocon Group and Jaypee Group, among others.