Future Supply Chain Solutions (FSCS), a Future Group company, currently undergoing insolvency proceedings, has received expressions of interest from Reliance Retail and six other potential bidders.
Apart from Reliance Retail, numerous other companies such as One City Infrastructure, Globe Ecologistics, Shanti GD Ispat & Power, Camions Logistics Solutions, Tatkal Loan India, and Sugna Metals have also joined in the bidding process.
FSCS has stated in a stock exchange update that the resolution professional is currently verifying the expressions of interest (EoI’s).
Following a petition filed by DHL Ecommerce (India), citing payment defaults, the company was admitted into bankruptcy proceedings. Two additional operational creditors, namely Best Roadways and Leap India, had also approached the National Company Law Tribunal.
On 2nd June, Future Lifestyle Fashions (FLFL), another company within the Future Group undergoing insolvency proceedings, received claims amounting to Rs. 2,155.53 crore from 12 financial creditors, including the State Bank of India.
Out of the total claims, Rs. 2,117 crore have been accepted, while claims worth Rs. 38.5 crore are currently under verification.
As per the recent stock update, besides State Bank of India (SBI), several other financial creditors including Centbank Financial Services, Bank of India (BoI), Bank of Baroda (BoB), IDBI Bank, HSBC, and HDFC Bank have also lodged their claims, totaling 12 in number.
During 2020, Future Group entered into an agreement to sell its retail, logistics, and warehousing businesses to Reliance Retail, a subsidiary of Reliance Industries, for a total amount of Rs. 24,713 Crore.
