Financial creditors of Future Lifestyle Fashions submit Rs 2,155 crore claims
The financial creditors of Future Lifestyle Fashions Ltd have submitted claims of Rs 2,155 crore, out of which Rs 2,117 crore has been provisionally admitted and claims amounting to Rs 38.5 crore are still under verification.
As per the early claims list, SBI with admitted claims of Rs 477 crore emerges as banker with the highest voting share (22.51%), as an when the Committee of Creditors (CoC) is constituted.
Centbank Financial Services Limited (debenture trustee) with admitted claims of Rs 445 crore has the second highest voting share at 21%. Bank of India with Rs 417 crore admitted claims will have a voting share of 19.71% followed by Bank of Baroda (14%) with admitted claims of Rs 297 crore.
Other claimants are IDBI Bank with admitted claims of Rs 120 crore (5.7% vote share), HSBC Rs 81 crore and HDFC bank with admitted claims of Rs 76 crore.
Canara Bank, J&K Bank, IndusInd Bank, Axis Bank and IDFC First Bank are other financial creditors with admitted claims varying from Rs 17 crore to Rs 67 crore.
Insolvency proceedings against Future Lifestyle Fashion was started by Bank of India after it defaulted on a payment of Rs 186 crore. The NCLT appointed Ravi Sethia as the interim resolution professional.
Future Lifestyle Fashions is the flagship fashion business of Future Group. It operates more than 300 stores in 90+ cities, occupying 5.7 million sq ft of retail space. It owns and markets brands through in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs).
The company had a total turnover of Rs 2,700 crore on a consolidated basis in FY22, and posted a loss of Rs 2,600 crore.
It must be noted that other Future Group companies like Future Retail and Future Supply Chain Solutions are also undergoing insolvency resolution process. None of the erstwhile Kishore Biyani-led companies have seen resolution yet through the insolvency process.
Also Read: Future Lifestyle Fashion to face insolvency resolution process
