Comments
The resolution professional for Future Enterprises has invited expressions of interest for its resolution, the last date for such submissions being June 25.
Future Enterprises, which was admitted for bankruptcy proceedings on February 27, has three major manufacturing plants in Bengaluru and Maharashtra. Its total assets are valued at ₹715 core, including land, buildings and vehicles. It also has leased retail infrastructure to Future Retail and Praxis Home Retail, the value of which is ₹2,737 crore, according to the EoI filing.
The EoI document lists three categories of prospective resolution applicants and their financial eligibility criteria.
Under Category A are non-financial institutions — corporates, partnerships, trusts, government organisations, limited liability partnerships and Individuals — who should have a minimum tangible net worth of ₹100 crore. They can also satisfy the criteria at a ‘group’ level.
Category B PRAs are financial institutions — investment companies, asset management companies, alternative investment funds, fund houses, private equity investors, NBFCs and ARCs. In this category, the PRAs need to have minimum AUM or committed funds available for investment, deployment in Indian companies or Indian assets of least ₹200 crore and for ARCs, minimum net owned funds of ₹1,000 crore.
The third category of applicants is those submitting EoI as a consortium. The overall consortium should have a tangible net worth of at least ₹crore or AUM of at least ₹200 crore. The consortium can comprise applicants who satisfy the eligibility criteria of categories A or B.
Lenders have claimed dues of ₹15,820 crore from the company while other claims amount to ₹140 crore. Future Enterprises functions as a holding company of Kishore Biyani’s Future Group and has a stake in group companies such as Future Supply Chain and Future Generali. It also develops, owns and leases retail infrastructure for the group. Future Retail, Future Supply Chain and Future Lifestyle Fashions are also undergoing bankruptcy proceedings.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.