RelRetail, 2 others prospective buyers for Future Enterprises

New Delhi Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as prospective buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process. The Resolution Professional (RP) of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said. Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list.

The deadline for submission of resolution plans by PRAs is August 24, 2023. CIRP was initiated by the National Company Law Tribunal (NCLT) earlier this year in March over a plea moved by its operational creditors. Interestingly, RRVL is also among the final list of prospective buyers for another Future Group flagship firm, Future Retail, which is also facing CIRP.