New Delhi : Fashion segment company Future Lifestyle Fashions Limited is going through difficulties these days. The lenders of this debt laden company have given approval to Space Mantra and the group of Sandeep Gupta and Shalini Gupta to bid.
The company said in the information given to the stock market that the committee of creditors of Future Lifestyle Fashions Limited i.e. FLFL has voted in favor of the resolution plan of this group. “The resolution plan of Space Mantra Private Limited and the business group of Sandeep Gupta and Shalini Gupta has been approved by the committee of creditors of Future Lifestyle Fashions Limited on September 27, 2024,” the company said.
Application before NCLT
However, the company has not shared details of the plan approved by the lenders. It said that the Company Insolvency Resolution Process (CIRP) period for Future Lifestyle Fashions Limited (FLFL) has ended on August 26, 2024. The resolution professional of the company filed an application before the National Company Law Tribunal i.e. NCLT on August 24, 2024. In this, the company has been requested to extend the time of insolvency resolution process.
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Company sent for liquidation
As per Section 12(1) of the Insolvency and Bankruptcy Code i.e. IBC, CIRP should be completed within 180 days. However, this period can be extended up to a total of 330 days for the duration of the legal dispute. If this does not happen, the concerned company is sent for liquidation.
insolvency resolution process
State Bank of India i.e. SBI has the highest 22.51 percent voting rights in the committee of creditors. Future Lifestyle Fashions Limited, or FLFL, had informed in June 2023 that it had received claims totaling Rs 2,155.53 crore from 12 financial creditors in the insolvency resolution process initiated against it.
famous in fashion field
Future Group was an Indian conglomerate founded by Kishore Biyani and based in Mumbai. The company is known in the Indian retail and fashion sectors, operating supermarket chains Big Bazaar and Food Bazaar, lifestyle stores brands Factory and Central, integrated foodservice and FMCG manufacturing segments.
(with agency input)
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