NEW DELHI, Aug 29 (Reuters) – A major lender to India’s Future Lifestyle ( FLFL.NS ) has pulled the fashion retailer into bankruptcy, the company said on Monday, adding that it was seeking legal advice on the matter .
Future Lifestyle said in a statement that State Bank of India ( BOI.NS ) has initiated legal proceedings under the country’s Insolvency and Bankruptcy Code.
Part of debt-ridden Future Group, the fashion retailer, which operates clothing stores under the Central and Brand Factory brands, said it was already in discussions with creditors over its debt restructuring proposal and had identified assets for sale. to collect money.
Future Group’s flagship retail unit Future Retail ( FRTL.NS ) — once the country’s second-biggest retailer — is already in bankruptcy proceedings after defaulting on loans and its lenders rejecting a $3.4 billion asset sale its to market leader Reliance Industries (RELI .NS). Read more
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Reporting by Aditi Shah Editing by Tomasz Janowski
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