These bidders embrace JC Flowers Asset Reconstruction, Reliance Retail Ventures, WH Smith Journey and April Moon Retail (a three way partnership between Adani Airports Holding and Flemingo Group). In addition they embrace Jindal Energy and a bunch of recycling corporations, based on FRL’s inventory trade submitting.
Bommidala Enterprises, which had earlier submitted an EoI, stated it won’t be submitting a decision plan, based on the submitting.
Final month, collectors to FRL had invited EoIs for the corporate and its belongings.
On March 23, 2023, collectors of FRL invited contemporary EoIs whereby potential patrons can bid for the debt-ridden agency “as a going concern or particular person cluster or a mixture of clusters of its belongings.” This got here after it failed to draw a decision plan in additional than 4 months.
The committee of collectors (CoC) had supplied two choices within the EoI, for which the final date of submission was April 7, 2023.
Underneath the second choice, FRL’s enterprise was distributed into 5 clusters and PRAs may bid for “any particular person cluster or any mixture of clusters.”
The CIRP was initiated in opposition to FRL by its lender Financial institution of India following mortgage defaults.
Underneath the Insolvency & Chapter Code (IBC), an EoI was invited from potential bidders on October 4, 2022.
The Mumbai Bench of the NCLT, in July 2022, admitted the Financial institution of India’s petition below Part 7 of IBC to start out insolvency proceedings in opposition to FRL and in addition appointed an interim decision skilled.