Reliance Retail and six other prospective bidders have submitted expressions of interest (EoIs) for Future Supply Chain Solutions (FSCS), a Future Group firm that is under insolvency proceedings.
One City Infrastructure, Globe Ecologistics, Shanti GD Ispat & Power, Camions Logistics Solutions, Tatkal Loan India and Sugna Metals are the other firms in the fray. The resolution professional is verifying the EoIs, FSCS said in a stock exchange update.
The resolution professional will submit the final list of the prospective resolution applicants on June 14, it added.
FSCS, which was admitted to bankruptcy proceedings by the National Company Law Tribunal’s Mumbai bench earlier this year, used to manage Future Group’s warehousing and logistics requirements. The company was admitted to bankruptcy on a petition filed by DHL Ecommerce (India), alleging default in payments.
Two other operational creditors – Best Roadways and Leap India – had also moved the National Company Law Tribunal.
Earlier on June 2, Future Lifestyle Fashions (FLFL), another Future Group firm that is under insolvency proceedings, received claims totalling Rs 2,155.53 crore from 12 financial creditors including from the State Bank of India. Of the total, Rs 2,117 crore have been admitted, while claims worth Rs 38.5 crore are under verification.
Apart from SBI, Centbank Financial Services, Bank of India (BoI), Bank of Baroda (BoB), IDBI Bank, HSBC and HDFC Bank are among the 12 financial creditors who have staked claims, it said in a stock update.
On May 4, NCLT’s Mumbai bench had admitted FLFL for a corporate insolvency resolution process (CIRP) following a petition filed by Bank of India after payment defaults. The tribunal also appointed Ravi Sethia as the resolution professional.
In 2020, Future Group had signed a deal to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of Reliance Industries, for Rs 24,713 crore.
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However, the deal got into legal tussles after the US e-commerce major Amazon opposed the scheme, citing the 2019 agreement it had entered into with Future Group. Amazon, which had acquired a 49% stake in Future Coupons, the promoter entity of Future Retail for about Rs 1,500 crore, alleged violation of certain terms in the deal signed in 2019.
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