FEL used to develop, own and lease retail infrastructure for Future Group. It also held the group s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain, and logistics. Lenders are hoping for better valuations for the company because of the stakes it holds in the growing insurance ventures.
Jindal s plan was the only one received by creditors till the end of business on Friday, the last date for submission of resolution plans for FEL, which owes creditors led by Central Bank of India and its arm Centbank Financial Services a total ₹12,265 crore, the second largest debt pile from the defunct retail giant Future Group.
Jindal (India) has submitted a debt resolution plan for Future Enterprises under the Insolvency and Bankruptcy Code (IBC) process. The company will be against Reliance Retail, which has sought time till October 30 to decide if it wants to bid for Future Enterprises.
"The resolution plan so approved shall be binding on the corporate debtor (AMW Autocomponent) and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan," an NCLT division bench of judicial member Chitra Hankare and technical member VG Venkata Chalapathy said in its October 12 order.
Future Enterprises creditors were informed at a meeting on Thursday that an extension had been sought by both prospective bidders who were due to submit formal offers on 24th August. The bid deadline has now been extended to 25th September, according to the sources.