Debt-ridden Future Retail lenders submit $2.64 billion loan applications

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FILE PHOTO: People walk past the closed Big Bazaar retail store of Future Retail in Mumbai, March 2, 2022. REUTERS/Francis Mascarenhas

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NEW DELHI, Aug 22 (Reuters) – India’s Future Retail Ltd (FRTL.NS) lenders have submitted loan applications for around 210.58 billion Indian rupees ($2.64 billion) under of the pending insolvency proceedings, according to a document posted on the company’s website on Monday.

Earlier this year, a Mumbai court ordered bankruptcy proceedings against Future Retail after it defaulted on loans with more than 30 entities and its secured lenders rejected a $3.4 billion sale of its assets retail at market leader Reliance Industries (RELI.NS) learn more.

The latest claims were filed by 33 banks, including Bank of New York Mellon (BK.N), State Bank of India (SBI.NS), HDFC Bank (HDBK.NS) and Barclays Bank PLC.

Loan claims by lenders could change based on the lenders calculations as the bankruptcy case progresses.

($1 = 79.8600 Indian rupees)

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Reporting by Nupur Anand; Written by Aftab Ahmed; Editing by Mark Porter

Our standards: The Thomson Reuters Trust Principles.

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