Key Points
Lenders to Kishore Biyani's Future Enterprises (FEL) have voted to restart the bidding process, seeking better valuations for the company that owes creditors more than 13,000 crore..
After the results are made official on Wednesday, resolution professional (RP) Avil Menezes is likely to formally seek fresh EoIs from prospective bidders as early as next week, people aware of the process said...
Lenders led by Central Bank of India and its arm CentBank Financial Services had last month rejected Kolkata-based steel tubes and pipes maker Jindal (India)'s offer of 301 crore, which amounted to just above 2% recovery for the total admitted claims of 13,540 crore of creditors...
Reliance Retail, which had initially expressed interest and sought more time to submit a resolution plan, did not do so, people familiar with the process said.. FEL used to develop, own and lease retail infrastructure for Future Group..
In May last year, before FEL was admitted to the insolvency process, banks had managed to recover a cumulative 1,266 crore from FEL after the group completed the sale of the general insurance business to its Italian partner Assicurazioni Generali..
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