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The company in a regulatory filing said that the resolution plan submitted by Space Mantra has not been approved by the Committee of Creditors (CoC) of Future Retail.
SpaceMantra, which is promoted by former NBCC chairman Anoop Kumar Mittal, has offered Rs 550 crore for the takeover deal. Earlier, Mukesh Ambani-led Reliance Retail and Gautam Adani-led Adani Group backed out of the race to bid for Future Retail.
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Last month, Future Retail received approval from the bankruptcy court to extend the date to complete its resolution process by another 90 days to July 15. The earlier deadline was April 16.