The BC Jindal Group’s Jindal India has emerged as the lone bidder for Kishore Biyani’s Future Enterprises Limited (FEL). According to the Economic Times, until last week, Kolkata-based steel tubes and pipes manufacturer Jindal’s offer was the only one presented to creditors. The deadline for submitting FEL resolution plans was November 10.
Reliance Retail, controlled by Mukesh Ambani, had previously expressed interest in acquiring the company. It had requested an extension until October 30 to make a decision on its bid for Future Enterprises. There has been no further progress on this.
“After the extensions, there is only one bidder.” Lenders will now examine the plan and want explanation. “No further extensions have been proposed,” an official told ET.
The Jindal plan’s actual sum, payment schedule, and other features have not been released.
The business chain owes its creditors a total of Rs 12,265 crore. Centbank Financial Services had filed the largest claim, at Rs 3,344 crore, followed by Axis Trustee Services, for Rs 1,341 crore, and Vistra ITCL (India), worth Rs 210 crore.
Future Enterprises disclosed in a stock exchange statement in July this year that it has received resolution proposals from Reliance Retail Ventures, Jindal (India) Ltd, and Donear Industries-owned textiles company GBTL Ltd.
Future Enterprises claimed in a stock exchange statement in June that it has invited Expressions of Interest for its businesses, which include manufacturing, trading, and leasing of retail infrastructure across Maharashtra, Karnataka, and India. Future Enterprises has three manufacturing factories in Bengaluru: Tarapur-Boisar, Mahadevpura, and Anekal.
According to a regulatory filing, Future Retail’s resolution professional (RP) addressed the Mumbai bench of the National Company Law Tribunal on Friday to request that the company’s liquidity procedures be initiated.
It was observed that Space Mantra’s resolution plan had not been authorized by Future Retail’s Committee of Creditors (CoC). According to the regulatory update, the application was submitted under Section 33 of the Insolvency and Bankruptcy Code (IBC).