Reliance Retail, Jindal (India), GBTL make offer to take over FEL
13 Jul 23 1 min read
Insights
- Reliance Retail Ventures, Jindal (India) Ltd and GBTL Ltd have made offers to take over India's Future Enterprises Limited (FEL) under the corporate insolvency process, according to a recent stock exchange filing by FEL.
- Resolution professional Avil Menezes & Co disclosed these three names as a 'provisional list of prospective resolution applicants'.
The Mumbai bench of the National Company Law Tribunal (NCLT) had earlier said debt-ridden FEL will be auctioned to recover unpaid dues.
Resolution professional Avil Menezes & Co disclosed the names of these three entities as a 'provisional list of prospective resolution applicants', according to Indian media reports.
"The Interim Resolution Professional has received claims from 803 unsecured financial creditors, 22 secured financial creditors (other than financial creditors belonging to any class of creditors) and 10 unsecured financial creditors (other than financial creditors belonging to any class of creditors) up to 5 June 2023," the company said.
Insolvency proceedings are under way for four Future Group companies: FEL, Future Retail Ltd, Future Lifestyles Fashion Ltd and Future Supply Chain Ltd.
Fibre2Fashion News Desk (DS)
Popular News
|
AkzoNobel plans closure of sites in Netherlands, Ireland & Zambia |
|
PC, polyester & viscose yarn prices rise in India; demand on the rise |
|
North India cotton yarn prices up as ICE cotton gains, demand sluggish |
|
Global recovery may have propelled India’s FY24 GDP growth to 8%: SBI |
|
ICE cotton prices surge amid crop concerns & weaker US dollar |
|
World Textile Sourcing adopts WFX ERP for digital transformation |