Reliance Retail, and Jindal Group join race to acquire bankrupt Future Enterprises
By Lokmat English Desk | Published: July 21, 2023 04:32 PM2023-07-21T16:32:29+5:302023-07-21T16:35:31+5:30
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Mukesh Ambani-owned Reliance Retail Ventures, Naveen Jindal promoted Jindal (India) and GBTL submitted expressions of interest for acquiring Future Enterprises (FEL) under the corporate insolvency process, disclosures made by the debt-laden company to the stock exchange showed.
The National Company Law Tribunal (NCLT) has extended the deadline for the completion of insolvency proceedings of debt-ridden Future Retail Ltd (FRL) to August 17, 2023.
The Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process (CIRP), the company informed in a regulatory filing.
"In furtherance of the above, the NCLT on July 17, 2023, heard the application and granted the said exclusion of 33 days' from CIRP of FRL," said FRL.
It further added: "Consequently, the last date for completion of CIRP of FRL is August 17, 2023."
In April 2023, India's corporate giants expressed interest in buying Big Bazaar's Future Retail. A total of 49 companies including Gautam Adani and Mukesh Ambani were in the fray for a takeover.
But the very next month, in May 2023, both Adani pulled out of the race to buy the bankrupt company. Meanwhile, companies like Reliance Retail Ventures, Jindal, Polyester Viscose and GBTL are again in the race.
According to the earlier published report, now there will be competition among six companies for the final round. Big Bazaar company Future Retail has liabilities of Rs 21000 crore to various creditors.
