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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The struggling retailer’s directors have been accused of causing a massive loss to its lenders, but the banks also seem to have conveniently dragged their feet on the matter.
Editor's note: Last Friday, the resolution professional overseeing the insolvency proceedings of debt-ridden Future Retail filed an application before the National Company Law Tribunal against the company’s directors for causing its creditors a loss of nearly Rs 14,810 crore. The application was filed under sections of the Insolvency and Bankruptcy Code that deal with fraudulent trading and seek to impose a liability on the debtor’s partners or directors. The move comes almost a month after the deadline for potential buyers to submit their bids for Future Retail expired; no offers were received. The development throws a wrench into the plans of Kishore Biyani-promoted Future Group to revive its flagship company. The beleaguered firm owes lenders over Rs 19,000 crore. An insolvency petition was filed in April last year by its largest lender, state-owned Bank of India, and was admitted by the NCLT in June. In November, the committee of creditors invited bids for resolution plans and, after several extensions, the deadline was set for 20 February. That there were hardly any bids comes as no surprise. In February last year, most of …
The struggling retailer’s directors have been accused of causing a massive loss to its lenders, but the banks also seem to have conveniently dragged their feet on the matter.
Editor's note: Last Friday, the resolution professional overseeing the insolvency proceedings of debt-ridden Future Retail filed an application before the National Company Law Tribunal against the company’s directors for causing its creditors a loss of nearly Rs 14,810 crore. The application was filed under sections of the Insolvency and Bankruptcy Code that deal with fraudulent trading and seek to impose a liability on the debtor’s partners or directors. The move comes almost a month after the deadline for potential buyers to submit their bids for Future Retail expired; no offers were received. The development throws a wrench into the plans of Kishore Biyani-promoted Future Group to revive its flagship company. The beleaguered firm owes lenders over Rs 19,000 crore. An insolvency petition was filed in April last year by its largest lender, state-owned Bank of India, and was admitted by the NCLT in June. In November, the committee of creditors invited bids for resolution plans and, after several extensions, the deadline was set for 20 February. That there were hardly any bids comes as no surprise. In February last year, most of …
After building and then losing India’s biggest retail empire, Kishore Biyani and family are now scripting a discreet retail comeback with departmental store Broadway. Can they get the economics right this time around?
After 19 investment rounds and over $2.1 billion raised, the kirana supply startup’s investors seem to finally be in the mood to collect their dues. What happens next?
While the Rs 9,000 crore promoter investment in Q1 brings a measure of reassurance, investors will still have to wait for Jio and retail to work through their challenges.
After building and then losing India’s biggest retail empire, Kishore Biyani and family are now scripting a discreet retail comeback with departmental store Broadway. Can they get the economics right this time around?
After 19 investment rounds and over $2.1 billion raised, the kirana supply startup’s investors seem to finally be in the mood to collect their dues. What happens next?
While the Rs 9,000 crore promoter investment in Q1 brings a measure of reassurance, investors will still have to wait for Jio and retail to work through their challenges.
