Future Lifestyle Fashions, a Future Group firm that is under insolvency proceedings, has received claims totalling Rs 2,155.53 crore from 12 financial creditors, including State Bank of India. Claims worth Rs 2,117 crore have been admitted, while those worth Rs 38.5 crore are under verification.
Centbank Financial Services, Bank of India, Bank of Baroda, IDBI Bank, HSBC and HDFC Bank are also among the financial creditors to submit claims, according to a stock exchange filing by Future Lifestyle’s resolution professional.
The resolution professional also said that the first meeting of the CoC will be held on June 6.
SBI has the highest voting share of 22.51% in Future Lifestyle’s Committee of Creditors (CoC), followed by Centbank Financial Services at 21.01%, Bank of India (19.71%) and Bank of Baroda (14.02%). The list of financial creditors is as of May 29, the filing said.
The resolution professional has provisionally admitted SBI’s claim worth Rs 476.59 crore and those from Centbank for Rs 444.76 crore, Bank of India for Rs 417.33 crore and Bank of Baroda for Rs 296.79 crore.
On May 4, the National Company Law Tribunal’s Mumbai bench had admitted Future Lifestyle for the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Bank of India following payment defaults. The tribunal had appointed Ravi Sethia as the resolution professional.
Future Lifestyle became the third company of the Kishore Biyani-led Future Group — after Future Retail and Future Enterprises — to be admitted for bankruptcy.
It was one of the Future Group companies that was to be transferred to Reliance Industries under the Rs 24,713 crore deal signed in 2020. However, the deal became entangled in legal tussles after US e-commerce major Amazon opposed it, citing a 2019 agreement 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 2019 deal. Later, RIL cancelled the deal after Future Group failed to secure shareholders’ and lenders’ approval.