Future Retail Creditors Say No To Space Mantra’s Resolution Plan

Future Retail Ltd.’s creditors rejected the resolution plan submitted by Space Mantra Private Ltd. following an electronic voting.

The e-voting concluded on 30 September and the creditors didn’t approve Space Mantra’s resolution plan for Future Retail, the distressed retailer said in a stock exchange announcement.

The next steps would be taken in accordance with the Insolvency & Bankruptcy Code, it added.

Separately, Future Retail said the last date for completion of the company’s corporate insolvency resolution process was 30 September.

Future Retail 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 ($173 million).

Note: $1 = 83.2085 Indian rupees

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