[ad_1]
Future Retail (FRL) has received claims totalling Rs 21,057 crore from a total of 33 financial creditors including Bank of New York Mellon and Seoul-headquartered Shinhan Bank.
Of the total, about Rs 17,511.69 crore has been verified by the Resolution Professional (RP), while the remaining Rs 3,546.2 crore is yet to be verified. Bank of New York Mellon claims to stand at Rs 4,669 crore, of which nearly Rs 560 crore has not been verified, according to data released by Future Retail.
The claims from Bank of Baroda were at Rs 2,285.7 crore, Union Bank of India stood at Rs 2,002.4 crore, Central Bank of India (Rs 1,656.9 crore), Axis Trustee Services (Rs 1,266.2 crore), Bank of India (Rs 1,188.1 crore) and Canara Bank (Rs 1,127.4 crore). While State Bank of India’s verified claims stood at Rs 990 crore, that of Indian Bank was at Rs 903.54 crore, Punjab National Bank (Rs 956.5 crore) and that of IDFC First Bank stood at Rs 220.5 crore.
Barclays Bank’s claim was at Rs 58.18 crore and that of Qatar National Bank at Rs 58.52 crore, while South Korea’s Shinhan Bank’s claims stood at about Rs 18.55 crore, and that of Centbank Financial Services at Rs 223.1 crore.
The state-owned lenders and others have sought about Rs 12,755 crore and FRL received Rs 265 crore worth of claims from operational creditors, which are yet to be verified. With further verification underway, the list would be updated, it said, adding this was not the final list.
For the verified claims, the RP will now have to form a Committee Of Creditors (CoC) and later bids from prospective buyers for the assets of the company.
FRL, a part of the beleaguered Future Group, also said it has received claims of a total of Rs 1.12 crore, which are yet to be verified.
Separately, Future group lenders have initiated discussions with the National Asset Reconstruction Company (NARCL) to sell loans worth Rs 18,850 crore. However, the newly-formed asset reconstruction company is yet to decide on this.
Also read: $1 trillion exports: These 6 sectors to help India become export powerhouse by FY28
In July, the National Company Law Tribunal’s Mumbai bench had ordered insolvency proceedings against FRL, rejecting objections raised by Amazon, which was involved in a legal tussle with the retail firm. Later in August, the Securities and Exchange Board of India initiated forensic audits into the financial statements of FRL and Future Supply Chain Solutions, another Future Group company, over concerns of improper disclosure of financial information.
On April 28, 2022, BoI had filed a petition seeking to initiate the Corporate Insolvency Resolution Process against FRL, the flagship firm of Kishore Biyani-led Future Group, for defaulting Rs 856.10 crore as of December 31, 2021.
On its part, Amazon moved the tribunal asking it not to admit the petition, alleging lenders of colluding with FRL with “mala fide” intentions and also informed the court that it will not join the insolvency petition. The retail giant had also moved the Reserve Bank of India earlier, reiterating its demand for a “forensic investigation” into FRL’s alleged misconduct.
[ad_2]
Source link
