Three Suitors Eligible To Submit Resolution Plan For Future Enterprises

Future Enterprises Ltd.’s Resolution Professional Avil Menezes said three prospective resolution applicants (PRAs), including Reliance Retail Ventures Ltd., are eligible to submit a resolution plan for the bankrupt company.

Other two eligible PRAs are Jindal (India) Ltd. and GBTL Ltd., Menezes said in a stock exchange announcement today. The provisional list of PRAs to acquire the Future Group company was issued on 10 July, he added.

The deadline for submission of resolution plan is 24 August and Future Enterprises’ creditors are scheduled to meet today (12 July) to discuss the company’s insolvency resolution.

The company was admitted into insolvency resolution on 27 February 2023 following an application by its operational creditor Foresight Innovations Private Ltd.

Future Enterprises develops, owns and leases the retail infrastructure for the group, according to its website. The company also holds the group’s investments in subsidiaries and joint ventures, including insurance, textile manufacturing, supply chain and logistics.

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