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At meeting held on 29 April 2021The Board of Future Consumer at its meeting held on 29 April 2021 has approved a resolution plan to restructure the existing secured and unsecured financial debt from the bankers of the Company, as permitted under a 'Resolution Framework for COVID 19 related stress' announced by the Reserve Bank of India. The said resolution plan has been approved by the Board, subject to final approval from the lenders of the Company. It may be noted that non-convertible debentures (NCDs) issued by the Company are not part of the aforesaid resolution plan. Pursuant to the...

Future Supply Chain board, lenders approve debt restructuring plan ​ By IANS | ​ 2 Views   Mumbai, April 21 : Future Supply Chain Solutions has said that its board of directors and lenders have approved a debt restructuring plan. In a regulatory filing, the company said that its board of directors approved the plan on Tuesday. "The board of directors of Future Supply Chain Solutions Limited at its meeting held on April 20, 2021, has approved a resolution plan to restructure its existing financial debt as permitted under the Resolution Framework for Covid-19-related Stress announced by ...

At meeting held on 17 April 2021The Board of Future Retail at its meeting held on 17 April 2021 has approved a resolution plan to restructure the existing secured financial debt from the banker of the company as permitted under a Resolution Framework for COVID 19 related Stress announced by the Reserve Bank of India. The said resolution plan, which remains subject to the approval of the Expert Committee (under the chairmanship of the K. V. Kamath) constituted by the Reserve Bank of India, has been approved by the lenders to the Existing Debt of the Company. As part of the resolution plan, t...

Future Retail finalises debt restructuring plan; to seek Kamath panel approval The company said that the debt restructuring was necessitated due to the disruptions caused by COVID-19 which led to cash flow not being able to bear the debt burden BusinessToday.In | April 18, 2021 | Updated 17:53 IST Future Retail announced that its board of directors has approved a resolution plan for restructuring the company's existing debt in line with the resolution framework sanctioned by the Reserve Bank of India (RBI) to alleviate COVID-19-related stress. The Kishore Biyani-led retail arm further added ...

Summary One of the key drivers of economic recovery in India will be the efficient movement of capital from inefficient firms to efficient ones. The economic downturn caused by the coronavirus pandemic has been severe, and India’s economy was one of the worst affected in 2020–2021. Though the economy is recovering faster than initial estimates, sustained economic recovery will not take place if stressed businesses cannot restructure their debts properly or if failing firms cannot be resolved efficiently. India’s bankruptcy law is key to solving these challenges. In 2016 India enacted th...