Jindal joins Race to Acquire Future Enterprises
Jindal (India) has reportedly submitted a debt resolution plan for Future Enterprises under the Insolvency and Bankruptcy Code (IBC) process. Mukesh Ambani-controlled Reliance Retail is already in the race to acquire the company. Earlier, Reliance Retail had sought time till October 30 to take a call on its bid for Future Enterprises.
Details of the financial bid placed by Jindal couldn't be ascertained as it was submitted in a sealed envelope, the Economic Times reported.
In July this year, Future Enterprises mentioned in an exchange filing to the stock exchange that it had received resolution plans from Reliance Retail Ventures, Jindal (India) Ltd, and Donear Industries-owned textiles maker GBTL Ltd.
Avil Menezes, resolution professional of Jindal (India), Reliance Retail and Future Enterprises', had disclosed the names of these three entities as a 'provisional list of prospective resolution applicants.'
On February 27, the National Company Law Tribunal (NCLT) admitted Kishore Biyani’s Future Enterprises for corporate insolvency. The Mumbai bench of the NCLT ordered the "commencement of corporate insolvency resolution process" for the firm. In order to collect unpaid debts, the firm will be auctioned.