New Delhi: Creditors of Future Retail Ltd. has submitted claims of Rs 21,324.18 crore against the debt-ridden company which is currently facing an insolvency resolution process. The financial creditors of the companies, which mainly include banks and financial institutions, have filed a claim of Rs 21,057.89 crore before the interim resolution professional of the company.
Of this, claims worth Rs 17,511.69 crore are verified and the remaining claims of Rs 3,546.20 crore are unverified.
operational creditors of future group According to the documents uploaded on the official website of Future Retail Limited, the firm has filed claims worth Rs 265.16 crore.FRL,
Apart from this, 462 workers have also filed claims of Rs 9.83 crore.
As per the Insolvency and Bankruptcy Code, the IRP tallies the claims and a committee of lenders is formed with voting shares of the lenders in proportion to their credit risk.
The Mumbai bench of the National Company Law Tribunal had on July 20, while admitting the petition filed by Bank of India, directed initiation of the Corporate Insolvency Resolution Process (CIRP) against FRL.
According to the documents, Bank of New York Mellon has the highest claim of Rs 4,669.84 crore and will have 23.47 per cent voting share in the CoC.
It is followed by Bank of Baroda with Rs 2,285.75 crore and Union Bank of India with Rs 2,002.42 crore.
A total of 33 banks and financial institutions have filed their claims.
According to the IBC, after verifying all the claims, the resolution professional will invite the bids, which will be approved by the CoC.
FRL was part of 19 group companies operating in the retail, wholesale, logistics and warehousing segments that were to be transferred. Reliance Retail As part of the Rs 24,713 crore deal announced in August 2020.
The deal was scrapped by the billionaire Mukesh Ambani-led Reliance Industries Ltd. in April
After that FRL made several defaults in payment.
Of this, claims worth Rs 17,511.69 crore are verified and the remaining claims of Rs 3,546.20 crore are unverified.
operational creditors of future group According to the documents uploaded on the official website of Future Retail Limited, the firm has filed claims worth Rs 265.16 crore.FRL,
Apart from this, 462 workers have also filed claims of Rs 9.83 crore.
As per the Insolvency and Bankruptcy Code, the IRP tallies the claims and a committee of lenders is formed with voting shares of the lenders in proportion to their credit risk.
The Mumbai bench of the National Company Law Tribunal had on July 20, while admitting the petition filed by Bank of India, directed initiation of the Corporate Insolvency Resolution Process (CIRP) against FRL.
According to the documents, Bank of New York Mellon has the highest claim of Rs 4,669.84 crore and will have 23.47 per cent voting share in the CoC.
It is followed by Bank of Baroda with Rs 2,285.75 crore and Union Bank of India with Rs 2,002.42 crore.
A total of 33 banks and financial institutions have filed their claims.
According to the IBC, after verifying all the claims, the resolution professional will invite the bids, which will be approved by the CoC.
FRL was part of 19 group companies operating in the retail, wholesale, logistics and warehousing segments that were to be transferred. Reliance Retail As part of the Rs 24,713 crore deal announced in August 2020.
The deal was scrapped by the billionaire Mukesh Ambani-led Reliance Industries Ltd. in April
After that FRL made several defaults in payment.