Reliance Retail, Jindal Power among 49 firms to submit EoIs for the future of retail

By siliconindia  |  Monday, 10 April 2023, 02:33:23 PM IST

Reliance Retail, Jindal Power among 49 firms to submit EoIs for the future of retail

Debt-ridden Future Retail Ltd announced a provisional list of eligible prospective recovery applicants, which have submitted an expression desires to submit a resolution plan. Reliance Retail, WHSmith Travel Limited, Jindal Power Limited, JC Flowers Asset Reconstruction Private Limited, Gordon Brothers-led consortium, and Sahara Enterprises are among 49 companies that have submitted their EoIs for Future Retail.

“The following entities, which have submitted their expression of interest to submit a resolution plan as prospective resolution applicants for Future Retail Limited ('Corporate Debtor') pursuant to the Form G and ‘Invitation to submit Expressions of Interest’ (’IEOI'), each dated 23rd March 2023 published by the Resolution Professional, are included in the provisional list of eligible prospective resolution applicants in terms of Regulation 36A(10) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations')," the company said in a filing.

Shares of Future Retail surged 4.17 percent to hit the upper circuit in Monday's trade. Last month, Future Retail Ltd said Kishore Biyani had withdrawn his resignation as the executive chairman and director of the company. The company, currently under insolvency proceedings, said "the resolution professional objected to the contents of (Biyani's resignation) letter" and requested him to recall the letter.

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