Reliance Retail among 13 bidders vying for Future Retail business
As many as 13 suitors including Reliance Retail Ventures Ltd have bid for Future Retail Ltd, the Kishore Biyani-promoted retail company undergoing corporate insolvency resolution process (CIRP).
As per the information provided in the website of Future Retail, following companies have submitted their bids after the invitation to submit Expressions of Interest by the Resolution Professional:
1. April Moon Retail Private Limited
2. Bommidala Enterprises Private Limited
3. Capri Global Holdings Private Limited
4. Consortium between B-Right Real Estate Limited and Ayekart Fintech Private Limited
5. Dharampal Satyapal Limited
6. Dickey Alternative Investment Trust (DAIT)
7. Nalwa Steel and Power Limited
8. Payard Investments Private Limited^
9. Reliance Retail Ventures Limited
10. Shalimar Corp Limited
11. SNVK Hospitality and Management Private Limited
12. United Biotech Private Limited
13. WH Smith Travel Limited
There are market rumours that Adani group has also bid for Future Retail Ltd through April Moon Retail Private Ltd, but it has not been confirmed yet. Adani group has so far denied the reports.
According to a statement issued by the Resolution Professional Vijaykumar V. Iyer, if anyone has any objection to the inclusion or exclusion of a prospective resolution applicant in the provisional list referred above then objections may be made with supporting documents on or before 15th November 2022.
The Mumbai bench of the National Company Law Tribunal (NCLT) on 20 June 2022 admitted Bank of India’s plea to initiate corporate insolvency resolution process (CIRP) against Future Retail for defaulting on a payment of Rs 856 crore.
E-commerce giant Amazon had tried hard at preventing the BOI’s plea being admitted by the adjudicating authority. The US e-commerce giant had filed an intervention application to thwart the insolvency proceeding being admitted by the NCLT.
Financial creditors of Future Retail Ltd have submitted claims of ₹21,450 crore under the ongoing corporate insolvency resolution process (CIRP).
As many as 33 banks have submitted these claims with Bank of New York Mellon submitting the largest claim of Rs 4,670 crore followed by Bank of Baroda (Rs 2,286 crore) and Union Bank of India (2,002 crore).
The resolution professional – Vijaykumar V Iyer – has already verified Rs 19,225 crore of the claims and while the rest is yet to be verified. Based on their exposure, Bank of New York Mellon has the highest voting share of 23.47%, followed by Bank of Baroda at 12.24% and Union Bank of India at 10.82%.
The operational creditors have also submitted claims of Rs 265 crore while workers dues include Rs 9.83 crore.
Also Read: Financial creditors of Future Retail submits over Rs 21,000 crore claims
