Source link : https://todaynewsgazette.com/2024/09/28/lifestyle/article13200/
The approval of the bid from a consortium including Space Mantra and Sandeep Gupta & Shalini Gupta has been given the go-ahead by the creditors of Future Lifestyle Fashions Ltd, which is currently undergoing insolvency resolution. The Committee of Creditors (CoC) of FLFL has given their stamp of approval to the resolution plan put forth by the consortium, as per a regulatory filing made by the company. On September 27, 2024, it was officially declared that ”We hereby inform and place on record that the resolution plan submitted by the consortium of Space Mantra Pvt Ltd and Sandeep Gupta & Shalini Gupta is approved by the Committee of Creditors of FLFL.”
The specific details regarding this approved plan have not been made public at this time. However, it is important to note that on August 26, 2024, the Corporate Insolvency Resolution Process (CIRP) period for FLFL had concluded. Following this deadline, the company’s Resolution Professional (RP) took action by filing for an extension of the CIRP period before seeking an extension order from the National Company Law Tribunal (NCLT) on August 24, 2024. As it stands now, these proceedings are pending an official extension order from NCLT.
(Source: agencies.)
The post Future Lifestyle Fashions Secures Lenders’ Approval for Consortium Bid in Insolvency Process first appeared on Today News Gazette.
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Author : Jean-Pierre CHALLOT
Publish date : 2024-09-28 21:42:10
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