<p>Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process.</p>.<p>The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said.</p>.<p>Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/wipro-commits-rs-8227-crore-investment-into-artificial-intelligence-1236185.html" target="_blank">Wipro commits Rs 8,227 crore investment into artificial intelligence</a></strong></p>.<p>The deadline for submission of resolution plans by PRAs is August 24, 2023.</p>.<p>CIRP was initiated by the National Company Law Tribunal (NCLT) earlier this year in March over a plea moved by its operational creditors.</p>.<p>Interestingly, RRVL is also among the final list of prospective buyers for another Future Group flagship firm, Future Retail, which is also facing CIRP.</p>.<p>FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.</p>.<p>As per the deal, all companies were to be merged in FEL and then transferred to Mukesh Ambani-led Reliance Industries' retail arm.</p>.<p>The deal was called off by Reliance Industries in April last year. After that, FEL committed several defaults on payment of interest on its several non-convertible debentures.</p>.<p>As per the last filing by Future Enterprises, the RP has received a total claim of Rs 7,014.83 crore from the secured creditors, in which Rs 6,52.42 crore has been approved.</p>.<p>Similarly, it has received claims worth Rs 8,805.09 crore from unsecured creditors in which Rs 5,313.27 has been admitted.</p>.<p>The RP has received a claim of Rs 172 crore from operational creditors and Rs 14.75 crore as statutory dues. Besides, it has received claims from FEL employees.</p>.<p>FEL is engaged in the business of manufacturing, trading, leasing of assets and logistics services.</p>.<p>It also holds the group's investments in subsidiaries and joint ventures including in sectors like insurance, textile manufacturing, supply chain and logistics.</p>
<p>Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process.</p>.<p>The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said.</p>.<p>Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/wipro-commits-rs-8227-crore-investment-into-artificial-intelligence-1236185.html" target="_blank">Wipro commits Rs 8,227 crore investment into artificial intelligence</a></strong></p>.<p>The deadline for submission of resolution plans by PRAs is August 24, 2023.</p>.<p>CIRP was initiated by the National Company Law Tribunal (NCLT) earlier this year in March over a plea moved by its operational creditors.</p>.<p>Interestingly, RRVL is also among the final list of prospective buyers for another Future Group flagship firm, Future Retail, which is also facing CIRP.</p>.<p>FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.</p>.<p>As per the deal, all companies were to be merged in FEL and then transferred to Mukesh Ambani-led Reliance Industries' retail arm.</p>.<p>The deal was called off by Reliance Industries in April last year. After that, FEL committed several defaults on payment of interest on its several non-convertible debentures.</p>.<p>As per the last filing by Future Enterprises, the RP has received a total claim of Rs 7,014.83 crore from the secured creditors, in which Rs 6,52.42 crore has been approved.</p>.<p>Similarly, it has received claims worth Rs 8,805.09 crore from unsecured creditors in which Rs 5,313.27 has been admitted.</p>.<p>The RP has received a claim of Rs 172 crore from operational creditors and Rs 14.75 crore as statutory dues. Besides, it has received claims from FEL employees.</p>.<p>FEL is engaged in the business of manufacturing, trading, leasing of assets and logistics services.</p>.<p>It also holds the group's investments in subsidiaries and joint ventures including in sectors like insurance, textile manufacturing, supply chain and logistics.</p>