Future Retail, currently under the corporate insolvency resolution process, has received claims worth Rs 21,057 crore from 33 financial creditors. The recently released data by the company reveals that an amount of Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). However, claims worth Rs 3,546 crore has not yet been verified.

While Bank of New York Mellon, a US-based company, has claimed Rs 4,669 crore, Indian creditors such as State Bank of India, Union Bank of India, Bank of Baroda, Indian Bank, Punjab National Bank, UCO Bank, Indian Overseas Bank, and Central Bank of India have claimed over Rs 12,755 crore. Also, the company has received Rs 265 crore worth of claims from operational creditors, but they remain unverified.

Once the verification is completed, the IRP will constitute the committee of creditors (CoC) and subsequently call for expression of interest (EoIs) from prospective bidders for the company’s assets. Following this, EoIs will be vetted by the resolution professional’s team and will be presented to the CoC for their assent. The CoC is supposed to approve the highest bid with a majority for the resolution process to conclude.
It is to be noted that the Bank of India had moved the insolvency petition against Future Retail in April for its dues not being paid. In July, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted the petition and appointed an IRP in the matter.

In 2020, The Future Group decided to sell its unlisted and listed companies to Reliance Retail for about Rs 25,000 crore. However, Amazon, holding a 49% stake in Future Coupons, blamed Future Group for breach of contract.

Founded by Kishore Biyani in 2013, the company owns brands such as Big Bazaar, Central, Brand Factory, E Zone, and HyperCity. It was troubled by excessive diversification, never-ending restructuring, and risky ventures.

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