In the Corporate Insolvency Resolution Process for Future Group’s Future Lifestyle Fashions, claims worth Rs 3,477.28 crore from 17 financial creditors have been admitted to the ongoing case.
“The claims received are under verification and will be verified once we receive access to the accounting system of the Corporate Debtor (FLFL),” said resolution professional Ravi Sethia, the Press Trust of India reported.
The lead financial creditor to Future Lifestyle Fashions has emerged as Catalyst Trusteeship Limited which has a total of Rs 600.4 crore, India Retailing reported. This gives the business a 17.4% voting share in Future Lifestyle Fashions’ Committee of Creditors.
Other financial creditors to the debt laden business include State Bank of India which has a loan amount of Rs 476.59 crore and Centbank Financial Services Limited which has a loan amount of Rs 444.76 crore. This gives State Bank of India a voting share of 13.86% and Centbank Financial a voting share of 12.93% for the Committee of Creditors.
The Corporate Debtor has received claims from operational creditors amounting to Rs 803.48 crore and the resolution professional is currently working on verifying these claims. Other claims which are under verification include claims from Future Lifestyle Fashion’s employees and workers amounting to Rs 38.66 crore.
A Corporate Insolvency Resolution Process was launched against Future Lifestyle Fashions by its creditors for defaulting on its loans. The case has already reached the National Company Law Tribunal.
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