Future Group firm Future Retail (FRL), which is undergoing insolvency proceedings, has received claims totalling Rs 21,555 crore from 35 creditors, including Bank of New York Mellon and Union Bank of India. Of the total, about Rs 19,404 crore has been admitted, while claims worth Rs 2,151 crore have been rejected.
The other creditors who have raised claims include Bank of Baroda (BoB), Central Bank of India, Bank of India, Punjab National Bank, Indian Bank, State Bank of India, Centbank Financial Services and Axis Trustee Services among others. Bank of New York Mellon has the highest voting share of 21.18% in FRL’s committee of creditors (CoC), followed by Union Bank of India at 9.17% and Bank of Baroda at 8.95%, according to a regulatory update by its resolution professional.
The claims were as of October 18, 2022, and verified as on May 12, 2023. It is subject to further verification and updation by the resolution professional, it added.
Bank of New York Mellon had claimed a total of Rs 4,670 crore, of which Rs 4,109 crore was verified. Similarly, Union Bank of India had claimed a total of Rs 2,002 crore of which Rs 1,779 crore was verified.
Canara Bank’s Rs 792 crore, Axis Trustee Services’ Rs 471 crore, Bank of Baroda’s Rs 89.21 crore, Bank of India’s Rs 6.5 crore and IDBI Bank’s Rs 2.74 crore were among others that were not admitted.
In July 2022, the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by Bank of India against Future Retail and appointed Vijay Kumar V Iyer as resolution professional, paving way for the bankruptcy proceedings of the debt-laden retailer.
Earlier on June 2, Future Lifestyle Fashions (FLFL), another Future Group firm that is under insolvency proceedings, had received claims totalling Rs 2,155.53 crore from 12 financial creditors including from State Bank of India. Of the total, Rs 2,117 crore was admitted, while claims worth Rs 38.5 crore were under verification, FLFL’s resolution professional said in a stock exchange update.
SBI has the highest voting share of 22.51% in FLFL’s CoC, followed by Centbank Financial Services with 21.01%, Bank of India with 19.71% and Bank of Baroda with 14.02%. The list of financial creditors was as of May 29, 2023.