insolvency resolution Lenders of Future Lifestyle Fashions Ltd, which is undergoing the process, have approved the bid of Space Mantra and the group of Sandeep Gupta and Shalini Gupta. The company said in a filing to the stock market that the committee of creditors of Future Lifestyle Fashions Ltd. (FLFL) has voted in favor of the group's resolution plan. The company said, “The resolution plan of Space Mantra Private Limited and the group of Sandeep Gupta and Shalini Gupta has been approved by the Committee of Creditors of FLFL on September 27, 2024.” Currently, the share price of Future Lifestyle is Rs 2.13. But is trading. At the same time, in 2019 the share price also reached a record high of Rs 500. Now due to new purchases, the stock may once again see a big rise.
It is not known how much the deal was done for.
The company has not shared details of the plan approved by the lenders. It informed that the Company Insolvency Resolution Process (CIRP) period for FLFL ended on August 26, 2024. The resolution professional of the company filed an application before the National Company Law Tribunal (NCLT) on August 24, 2024. In this, the company has requested to extend the insolvency resolution process period. As per Section 12(1) of the Insolvency and Bankruptcy Code (IBC), CIRP must be completed within 180 days. However, this period can be extended up to 330 days including the period of legal dispute. If this does not happen, the concerned company is sent for liquidation.
SBI also in the committee of lenders
State Bank of India (SBI) has the highest 22.51 percent voting rights in the committee of creditors. FLFL had informed in June 2023 that claims totaling Rs 2,155.53 crore had been received from 12 financial creditors in the insolvency resolution process initiated against it.
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