Future Lifestyle Fashions, a Future Group firm that is under insolvency proceedings, has received claims totalling Rs 3,648.93 crore from 17 financial creditors, including Catalyst Trusteeship, State Bank of India and Centbank Financial Services.
Of the total, about Rs 3,438.78 crore has been admitted, while claims worth Rs 210 crore are under verification. These 17 financial creditors are part of the committee of creditors (CoC), the company’s resolution professional said in a regulatory update. This is an increase from Rs 2,155.53 crore claims the firm received from 12 financial creditors, including from State Bank of India in June.
Catalyst Trusteeship, with a 17% voting share in the CoC, topped the charts, followed by State Bank of India with a 13.86% share and Centbank Financial Services with a 12.93% voting rights.
Bank of India (12.14%), EC Holdings PTE (10.64%), Bank of Baroda (8.63%), EW Special Opportunities Fund II (7.32%), IDBI Bank (3.50%), Edelweiss Asset Reconstruction Company (3.03%) and HSBC (2.37%) are others in the top 10.
The company also received a total of 303 claims from operational creditors totalling Rs 803.48 crore. The entire amount is under verification, it said.
On May 4, the National Company Law Tribunal’s Mumbai bench had admitted Future Lifestyle Fashions for a Corporate Insolvency Resolution Process (CIRP) following a petition filed by Bank of India following payment defaults. The tribunal also appointed Ravi Sethia as the resolution professional.