Bankers have decided to refer Future Retail Ltd (FRL) to the National Company Law Tribunal (NCLT) for insolvency proceedings over recovery of dues which could further stall the sale of retail assets to a unit of Reliance Industries Ltd (RIL).
Further the lenders have invited financial and technical bids from insolvency professionals (IPs) by March end and this will be followed by a presentation from shortlisted IPs. Following are the likely bid for the mandate for the mandate.
- Grant Thornton,
- Alvarez & Marsal
- BDO India,
- EY and
Just after a week of Catholic Syrian Bank owned by billonair Prem Watsa’s Fairfax group approached the Debt Recovery Tributnal (DRT) to seek payment of over Rs. 2.5 crore in unsecured debt from FRL and Fiuture Enterprises.
Moreso, banks also propose to pursue the SARFEASI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act) which allows lenders to auction mortgage properties.