MUMBAI: The curtains are closing on the saga of one-time Raja of Retail, Kishore Biyani’s flagship. The insolvency skilled overseeing the chapter proceedings has proposed the liquidation of Future Retail, the bankrupt firm that misplaced most of its key areas after Reliance Retail took over their tenancy.
In a letter to the change, Future Retail stated after the committee of collectors didn’t approve the decision plan from House Mantra, a platform for development supplies, for Future Retail (FRL), the decision skilled has taken the following step.On November 9, the RP filed an utility with the NCLT, Mumbai bench, in search of to start out the liquidation course of for FRL below Part 33 of the Insolvency and Chapter Code, 2016.
The plan introduced by House Mantra was turned down by the lenders within the vote on September 30, with solely 42% help, falling under the required 66% for approval. Based on rules of the Insolvency and Chapter Board of India (IBBI), the RP is required to submit an utility to the NCLT in accordance with the voting outcomes.
Reliance Retail has whole accepted claims of Rs 19,400 crore. House Mantra had supplied Rs 550 crore. Most different bidders who submitted binding affords have been scrap sellers.
In a letter to the change, Future Retail stated after the committee of collectors didn’t approve the decision plan from House Mantra, a platform for development supplies, for Future Retail (FRL), the decision skilled has taken the following step.On November 9, the RP filed an utility with the NCLT, Mumbai bench, in search of to start out the liquidation course of for FRL below Part 33 of the Insolvency and Chapter Code, 2016.
The plan introduced by House Mantra was turned down by the lenders within the vote on September 30, with solely 42% help, falling under the required 66% for approval. Based on rules of the Insolvency and Chapter Board of India (IBBI), the RP is required to submit an utility to the NCLT in accordance with the voting outcomes.
Reliance Retail has whole accepted claims of Rs 19,400 crore. House Mantra had supplied Rs 550 crore. Most different bidders who submitted binding affords have been scrap sellers.
