CoC of Future Enterprises reconstituted; financial creditors submits Rs 12,265 crore claims
The interim resolution professional of Future Enterprises Ltd has reconstituted the Committee of Creditors, and admitted claims of more than Rs 12,265 crore from both secured and unsecured financial creditors.
The interim resolution professional – Jitender Kothari – has received claims of Rs 7,015 crore from 22 secured financial creditors, out of which Rs 6,952 crore of claims have been admitted as of 5 June 2023. Unsecured financial creditors have submitted claims of Rs 8,880.50 crore, out of which Rs 5,313.27 crore claims have been admitted.
Centbank Financial Services Ltd has the highest voting percentage of 27.22% in the CoC. Union Bank of India and Axis Trustee Services have 10.97% and 10.92% voting percentages, respectively. Centbank Financial Services Ltd has total admitted claims Rs 3,345 crore, while Axis Trustee Services has admitted claimed Rs 1,341.96 crore.
The reconstitution of the CoC was necessitated by the fact that the IRP received new claims. He informed the same to the erstwhile CoC in the 3rd meeting of CoC on 22 May.
The IRP has received claims of Rs 2.58 crore from employees, of which it has admitted Rs 2.24 crore. Also, it has also received statutory dues of Rs 14.75 crore from the state tax department and GST authorities.
Meanwhile, the IRP has extended the last date of filing expressions of interest (EoIs) from 25 June 2023 to 30 June 2023. The list of prospective resolution applicants will be released on 10 July and the final list will be released on 25 July.
Future Enterprises is going through Corporate Insolvency Resolution Process (CIRP) after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted a plea from one of its operational creditors. Foresight Innovations had moved NCLT against the company after it failed to pay a paltry sum of Rs 1 crore to the former.
Future Enterprises develops, owns and leases the retail infrastructure for Future group. The company also holds the Group’s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics. While Future Supply Chains manages the logistics- from warehousing, storage to distribution of raw materials and products, Future Generali- a JV with the globally known Generali Group, offers financial security solutions like savings, insurance and policies to its customers.
