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Space Mantra Consortium Gives Green Light to Future Lifestyle Fashions: Rediff Moneynews Report

Source link : https://todaynewsgazette.com/2024/09/28/lifestyle/article13183/

The plan ⁣proposed by a combination of Space Mantra and Sandeep⁢ Gupta &⁣ Shalini Gupta ‌has been given the green light by lenders of Future Lifestyle Fashions Ltd who ⁢are currently⁣ undergoing insolvency resolution. This approval was granted ‌by the Committee of Creditors (CoC) of ⁤FLFL on September ⁤27, 2024. The company released a regulatory filing announcing ‌that‍ the resolution plan submitted by ⁤the consortium has been approved.

Details about the specific contents of the approved plan​ have ⁣not been disclosed. The Corporate Insolvency ⁣Resolution Process‌ (CIRP) period for FLFL came to an​ end on August 26, 2024, and an application for an extension was filed by the Resolution Professional (RP) before​ the National Company⁤ Law Tribunal.

According to Section⁢ 12(1) of the Insolvency & Bankruptcy Code (IBC), CIRP should be​ concluded within 180​ days but can be extended up to 330 days,‍ including litigation periods. Failure​ to meet these⁣ deadlines could result in liquidation for the ‍corporate debtor.

What is Space Mantra Consortium⁤ doing to⁣ prioritize future lifestyle fashions within the fashion industry?

Space Mantra Consortium, a ⁤leading fashion⁤ conglomerate, has recently given the green light to future lifestyle fashions, ⁢according to a report by Rediff Moneynews. This decision is expected to have far-reaching implications in the fashion industry, as well as the‌ sustainability movement, and is likely to shape the way we view and consume fashion ​in the⁣ coming years.

The consortium’s decision to embrace ​future lifestyle fashions comes at a time when there is increasing concern about the environmental impact of the fashion industry. Consumers are becoming more conscious of the need to adopt sustainable and eco-friendly practices,​ and the fashion industry⁣ is being called upon to respond to these⁢ changing attitudes. Space Mantra Consortium’s move to prioritize​ future lifestyle fashions ⁣is ‌a significant​ step in the right direction, and it positions the ‍company as an industry leader in the quest for sustainability.

The Impact of Future Lifestyle Fashions

The shift towards future lifestyle fashions is expected to bring about a number of positive changes in the fashion industry, ⁢as well as​ in ‍the way we engage with fashion as consumers. Some key impacts ​of this trend may include:

Sustainable Practices: Future lifestyle fashions prioritize sustainable and eco-friendly practices, such as the use of organic materials, ethical production processes, and the reduction of waste and environmental impact.

Innovation and ⁢Creativity: Embracing future lifestyle fashions encourages innovation and creativity in fashion design and production. Designers are challenged to think outside the box and explore⁢ new materials and techniques ⁣that are both stylish and sustainable.

Consumer Awareness: ​The focus on future lifestyle fashions is likely‌ to raise consumer awareness ⁣about⁣ the environmental and social impact of the ⁢fashion industry. As consumers become more informed, they can make more conscious purchasing decisions and support brands that align with their values.

Industry ⁢Leadership:​ Companies that prioritize future lifestyle fashions are poised to lead the way in the fashion industry, setting new standards for sustainability⁢ and inspiring other companies to follow suit.

Space Mantra Consortium’s Commitment ⁢to Future ‍Lifestyle Fashions

The decision by Space Mantra Consortium to embrace future lifestyle fashions ⁣reflects the company’s‍ commitment to sustainability ⁢and ethical practices. By prioritizing eco-friendly and socially responsible fashion, the consortium‍ is setting a positive example for the‌ industry and demonstrating its dedication⁣ to making a meaningful ⁣impact on ‍the ⁢world.

An Exciting Opportunity for Collaboration

Space Mantra Consortium’s green⁣ light⁣ for future lifestyle fashions presents⁢ an exciting opportunity for collaboration within the fashion ⁢industry. ⁣As the company explores new materials,
The ‌retail chains‌ Central ⁣and Brand Factory were‍ operated in-house by FLFL along ‍with several exclusive brand outlets and multi-brand outlets ⁤for various apparel labels such as Lee ‍Copper, ‌Champion, aLL, ⁤Indigo Nation, Giovani, John Miller, Scullers, Converse⁢ and Urbana. The State Bank of​ India leads CoC with a voting share of 22.51% and had an admitted loan amounting to Rs 476.59 crore.

In June ‍2023 during CIRP proceedings against FLFL it‌ was⁣ reported ⁣that they had received total claims amounting to Rs 2,155.53 crore ‌from12 financial‌ creditors.
Note: This article is based on information from a syndicated feed; rediff.com India Limited bears no responsibility for its accuracy or content ownership as views expressed may not align with their own views.

The post Space Mantra Consortium Gives Green Light to Future Lifestyle Fashions: Rediff Moneynews Report first appeared on Today News Gazette.

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Author : Jean-Pierre CHALLOT

Publish date : 2024-09-28 09:40:18

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