Future Retail (FRL), which was brought to the insolvency tribunal in April of last year, is no longer being bid on by the Gautam Adani-led Adani Group and Mukesh Ambani-led Reliance Retail. Six final proposals for Future Retail have reportedly been received, none of which include Reliance Retail or the Adani Group, according to a story on ET Now.
According to the report, Space Mantra has made the highest offer, and five other businesses have also submitted bids for other firm components. These businesses are Sarvabhishta e-waste management, Pinnacle Air, Palgun Tech LLC, Lehar Solutions, Goodwill Furniture, and Palgun Tech LLC.
The bankruptcy court granted Future Retail permission last month to push back the deadline for settlement by another 90 days, until July 15. The previous date was April 16.
According to a stock exchange announcement from the firm, the Mumbai bench of the National firm Law Tribunal (NCLT) approved the exclusion of 90 days from the Corporate Insolvency Resolution Process.
On March 23, FRL's creditors issued a new call for Expressions of Interest (EoIs), allowing potential purchasers to submit bids for the insolvent company "as a going concern or individual cluster or a combination of clusters of its assets" after more than four months of failure to secure a resolution plan.
On April 10, Future Retail reported receiving 49 expressions of interest from potential applicants for resolution, including Reliance Industries, Adani Group, and Jindal Power, to purchase its assets through the continuing insolvency process.
After the FRL lenders requested new offers, Mukesh Ambani and the Adani Group each showed their interest through a joint venture between Adani Airports and Flemingo Group called April Moon Retail and Reliance Retail Ventures, respectively.
Future Retail ran a number of retail formats in the hypermarket supermarket and home segments, operating well-known brands such Big Bazaar, Easyday, and Foodhall.
At its busiest, Future Retail had more than 1,500 locations operating in about 430 cities. Following loan defaults, Bank of India, FRL's lender, started the Corporate Insolvency Resolution Process (CIRP) against the company. On October 4, 2022, expressions of interest from prospective buyers were requested under the Insolvency & Bankruptcy Code.
