Centbank Financial Services is the top financial creditor in the Committee of Creditors (CoC) of Future Enterprises (FEL) with a voting right of 27.22%, while Union Bank of India came in second with a 10.97% voting right.
The list of CoC includes a total of 25 financial creditors including Axis Trustee Services (10.92%), Punjab National Bank (7.95%), Bank of India (7.38%) and Central Bank of India (5.95%). Bank of Baroda (5.71%), Indian Bank (4.96%), IDBI Bank (3.73%) and Axis Bank (3.71%) are among the others in the list, according to the reconstituted CoC.
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The CoC was reconstituted after the 90-day period, and there are no major changes in the new CoC. This new CoC is constituted as of June 5, 2023. The resolution professional has also received 803 claims from unsecured financial creditors seeking a total of Rs 23.27 crore of dues, FEL said in a regulatory update.
Earlier on June 11, FEL’s resolution professional had invited expression of interests (EoIs) from prospective bidders, kick starting the debt-laden firm’s formal insolvency process. The last date for submitting EoIs is June 25, while the resolution professional has finalised July 5 as the date for issuance of a provisional list.
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As of May 10, FEL’s resolution professional received claims totalling Rs 15,820 crore, of which Rs 12,266 crore has been admitted and that worth Rs 3,554 crore was rejected, while there are no claims under verification.