Rs 19-crore land of Future Retail to go under the hammer

Under the ongoing liquidation process of the debt-ridden Future Retail Limited (FRL), e-auction of its assets, including a prime 40-acre agricultural land parcel in Andhra Pradesh, would take place in November.

The liquidator of Future Retail has issued a sale notice, scheduling the e-auction for November 4, 2025, from 12 PM to 2 PM. The assets up for sale are divided into two lots.

The most notable asset is Lot 21, a 40.34-acre agricultural land located in Mattam, Chittoor District, Andhra Pradesh. It carries a reserve price of ₹19.18 crore, with an Earnest Money Deposit (EMD) of ₹1.92 crore. The second asset, Lot 32, consists of scrap and damaged furniture and fixtures in New Delhi, with a reserve price of just ₹2.74 lakh.

The auction will be conducted online on the IBBI’s portal, ibbi.baanknet.com, on an “as is where is, whatever there is and without recourse” basis, meaning the buyer acquires the assets with all existing faults and liabilities.

Key Auction Timelines:

• Last date for bid submission: October 30, 2025
• Last date for EMD submission: November 1, 2025
• E-auction date: November 4, 2025

Interested bidders must ensure they are not ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). The successful bidder will be required to pay the full balance of the sale consideration within 30 days of receiving the Letter of Intent from the liquidator.

This auction represents a crucial move to realize value from FRL’s remaining assets for the benefit of its creditors.

Backgrounder: The fall of future retail

Future Retail Limited, once a flagship of Kishore Biyani’s Future Group and a giant in India’s retail sector, has had a tumultuous journey through the corporate insolvency resolution process (CIRP). Here is a brief timeline of the CIRP:

• Insolvency Admission (April 2022): The National Company Law Tribunal (NCLT) admitted Future Retail into CIRP after it defaulted on its massive debt, estimated to be over ₹20,000 crore. A consortium of banks, led by Bank of India, initiated the process.
• The Amazon Dispute: FRL’s insolvency was the final chapter in a long-running battle. In 2020, Future Group had agreed to sell its retail, wholesale, and logistics assets to Reliance Retail for ₹24,713 crore. This deal was vehemently contested by Amazon, which had invested in a Future Group subsidiary in 2019, citing violation of contractual terms. The legal wrangle, which reached the Supreme Court and international arbitration tribunals, ultimately stalled the sale and contributed to FRL’s financial collapse.
• Failed Resolution & Liquidation: Despite attempts by several entities, including Reliance, to submit resolution plans, no viable plan was found to revive the company. The complex legal tangle and the sheer scale of debt deterred potential suitors. With no successful resolution in sight, the NCLT ordered the liquidation of Future Retail Limited in April 2024.

Also See: Kishore Biyani’s Future Retail, once a leading Indian retailer, is being liquidated