Future Enterprises Ltd (FEL) has made progress towards resolving its debt crisis as the interim resolution professional (IRP) has reconstituted the Committee of Creditors. In total, more than Rs 12,265 crore of claims have been admitted from secured and unsecured financial creditors. The IRP has received claims of Rs 7,014.83 crore from secured financial creditors, with Rs 6,952.42 crore of claims already admitted, while Rs 8,880.50 crore of claims have been raised by unsecured financial creditors, of which Rs 5,313.27 crore have been admitted. The CoC includes Centbank Financial Services Ltd, which has a voting percentage of 27.22%, Union Bank of India, and Axis Trustee Services.
FEL is currently undergoing Corporate Insolvency Resolution Process (CIRP) after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted a plea from one of its operational creditors earlier this year. The IRP has also received claims of Rs 2.58 crore from employees, Rs 14.75 crore in statutory dues from the state tax department and GST authorities, and claims from 803 unsecured financial creditors, 22 secured financial creditors, 10 unsecured financial creditors, 42 employees of Corporate Debtor (FEL), and four operational creditors.
FEL is involved in manufacturing, trading, leasing assets, and logistics services. It developed, owned, and leased retail infrastructure to the Future Group, as well as holding the group’s investments in subsidiaries and joint ventures, including insurance, textile manufacturing, and supply chain and logistics. FEL was part of a group of 19 companies operating in the retail, wholesale, logistic, and warehousing, which were set to be transferred to Reliance Retail in August 2020, as part of a deal worth Rs 24,713 crore. However, the deal was called off in April, after Reliance Industries failed to gain lender support.
