Reliance Retail, Jindal (India), GBTL make offer to take over FEL

13 Jul '23

1 min read

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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'.

Reliance Retail Ventures, Jindal (India) Ltd and Donear Industries-owned GBTL Ltd have made offers to take over India’s Future Enterprises Limited (FEL) under the corporate insolvency process, FEL mentioned in a recent stock exchange filing.

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)

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