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When the company s resolution professional (RP) Ravi Sethia invited the bids, four bidders - Amit Metaliks, Nalwa Steel & Power, BTL EPC and Rashmi Metaliks - showed interest in acquiring the company. But only two bidders-BTL EPC and OP Jindal Group-promoted Nalwa Steel & Power-participated in the second challenge process, in which nine rounds of bidding were conducted. ....
Last week, lenders unanimously voted on a resolution plan given by Punjab State Power Corp (PSPCL), said the people cited above. KPMG-backed resolution professional, Ravi Sethia, has filed an application with the National Company Law Tribunal (NCLT) to get the plan approved. ....
Future Lifestyle Fashions (FLFL), a Kishore Biyani-promoted company, has received two resolution offers from scrap dealer Space Mantra and fashion retailer Donear Industries. Space Mantra s Rs 550-crore offer for Future Retail was rejected by lenders due to its low price. Donear Industries-owned textile maker GBTL showed interest in acquiring Future Enterprises, but did not submit a resolution plan. ....
The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit had undertaken an assignment for one of the Biyani-promoted company before FLFL was admitted for corporate insolvency. Dixit is also partner of GD Apte & Co, the firm which the lenders appointed as forensic auditor of FLFL in July 2022. ....
The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit had undertaken an assignment for one of the Biyani-promoted company before FLFL was admitted for corporate insolvency. Dixit is also partner of GD Apte & Co, the firm which the lenders appointed as forensic auditor of FLFL in July 2022. ....