Home / Companies / News /  Future Retail lenders claim 21,058 crore dues under insolvency resolution

MUMBAI : Financial creditors to Future Retail Ltd have submitted loan claims to the tune of 21,058 crore under the ongoing insolvency resolution process, showed a document available on the company’s website. 

A total of 33 banks have submitted these claims, of which 17,512 crore has already been verified by the resolution professional. Bank of New York Mellon has submitted the largest claim, of 4,670 crore, followed by Bank of Baroda at 2,286 crore, Union Bank of India at 2,002 crore, and Central Bank of India at 1,657 crore, among others.  

In terms of their voting rights in the lenders’ consortium, Bank of New York Mellon has the highest share, of 23.47%, followed by Bank of Baroda at 12.24% and Union Bank of India at 10.82%. These voting shares are based on the amount of loan claims that have so far been verified.  

On 20 June, the Mumbai bench of the National Company Law Tribunal (NCLT) ordered bankruptcy proceedings against debt-ridden Future Retail Ltd and named an interim resolution professional for the Kishore Biyani-led company. 

Led by Bank of India, creditors to the company had moved NCLT on 14 April over non-payment of dues under the terms of their framework agreement.

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