Future Retail Ltd.’s resolution professional didn’t receive any resolution plans for the company by the submission deadline of 20 February despite initial interest from several suitors.

The matter was put for consideration of the company’s committee of creditors in its meeting on 21 February and again on 24 February 2023, but this meeting was adjourned, the distressed Indian retailer’s Company Secretary Pratiksha Salecha said in a stock exchange announcement.

The creditors will decide further course of action and accordingly, the same will be intimated to the stock exchanges, she added.

In December 2022, Future Retail’s Resolution Professional Vijaykumar Iyer said that a total of 13 suitors, including Capri Global Holdings Private Ltd., Reliance Retail Ventures Ltd. and Dharampal Satyapal Ltd. showed interest for the distressed retailer.

India’s National Company Law Tribunal (NCLT) has granted time until 16 April 2023 for the completion of Future Retail’s corporate insolvency resolution process.

Future Retail, whose Executive Chairman and Director Kishore Biyani last month resigned, was admitted into an insolvency resolution by the NCLT in July 2022 following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($174.11 million).

(Note: $1 = 82.7979 Indian rupees)

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