Reliance Retail

Here is everything you need to know about ongoing bankruptcy proceedings

[12th July 2013] - Future Enterprises, a debt-ridden company, has disclosed that Reliance Retail Ventures, Jindal (India), and GBTL, owned by Donear Industries, can submit plans for the ongoing bankruptcy proceedings. Avil Menezes, the court-appointed resolution professional overseeing Future Enterprises' affairs, revealed this information in an exchange filing on Wednesday.

Reliance Retail Ventures, led by Indian billionaire Mukesh Ambani, has emerged as a prospective resolution applicant for both Future Enterprises and another Future Group company, Future Retail. In total, 49 companies are eyeing Future Retail.

Future Enterprises encompasses various businesses, including supply chain solutions and insurance, while Future Retail previously operated popular brands such as department chain Big Bazaar and supermarket chain Easyday.

Future Retail was dragged into insolvency proceedings in July 2022 after defaulting on loans, and its lenders rejected a $3.4 billion buyout offer from Reliance amid a legal dispute with Amazon.com Inc. Similarly, Future Enterprises was admitted to insolvency in March.

In May, Future Retail received six bids for bankruptcy resolution, although the names of the bidders were not disclosed at the time.

The resolution professional, Avil Menezes, will oversee the process diligently to ensure transparency, fairness, and adherence to the established legal framework. The bankruptcy proceedings aim to find a suitable resolution that safeguards the interests of all stakeholders involved.

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