Future Enterprises’ RP invites EoIs for resolution

The professional decision called for Future Enterprises to express interest to resolve it, and the deadline for such requests is June 25th.

Future Enterprises, which was admitted for bankruptcy proceedings on February 27, has three major manufacturing plants in Bengaluru and Maharashtra. Its total assets are valued at ₹ 715 basic, including land, buildings and vehicles. It has also leased retail infrastructure to Future Retail and Praxis Home Retail, valued at Rs 2,737 crore, according to an EoI filing.

The EoI document lists three categories of potential applicants for a solution and their financial eligibility criteria.

Under Category A are the non-financial institutions – corporations, partnerships, trusts, government organisations, limited liability partnerships and individuals – who must have a minimum tangible net worth of ₹100 crore. They can also meet criteria at the “group” level.

Class B financial institutions are investment firms, asset management firms, alternative investment funds, finance houses, private equity investors, non-bank financial firms, and ARCs. In this category, PRAs need to have minimum assets under management or committed funds available for investment or deployment in Indian companies or Indian assets of at least Rs 200 crore and for ARCs, minimum net funds owned of Rs 1,000 crore.

The third category of applicants are those who submit an EoI as a federation. The JV must have a tangible net worth of not less than ₹ crores or an AUM of not less than ₹ 200 crores. The consortium may include applicants who meet the eligibility criteria for categories A or B.

The lenders claimed receivables of ₹15,820 crores from the company while other claims amounted to ₹140 crores. Future Ventures acts as the holding company for Kishore Bayani Future Group and has stake in group companies such as Future Supply Chain and Future Generali. It also develops, owns and leases the group’s retail infrastructure. Future retail, future supply chain, and future lifestyle fashion are also undergoing bankruptcy proceedings.