In a financial maneuver that has raised eyebrows, Jindal (India) has submitted a bid of ₹301 crore for the debt-laden Future Enterprises (FEL), a sum that amounts to less than 3% of the staggering ₹12,265-crore loan exposure, rendering it almost inconsequential to the lenders, according to individuals familiar with the bidding process.
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Kolkata-based Jindal's plan was the only one that was submitted to the creditors till last week, as per the report. November 10 was the last date to submit the resolution plans for Future Enterprises Limited.
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.
BC Jindal Group: 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.