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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 FRL's outstanding dues of Rs 19,773 crore to its financial creditors.
HDFC Bank, which had initially raised concerns about SpaceMantra's 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 SpaceMantra's 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).