Future Lifestyle Fashions

Debt-ridden Future Lifestyle Fashions Ltd (FLFL) is facing three petitions before the NCLT from its creditors to initiate insolvency proceedings and one of them has been reserved for orders, the Future Group firm said on Tuesday. Three creditors - two financial and one operational - have filed claims totalling around Rs 1,100 crore before the National Company Law Tribunal (NCLT), said an update on other matters under the Insolvency and Bankruptcy Code by FLFL. All the claims "are being defended by the company before the NCLT," said FLFL adding "none of them has been admitted till date by NCLT". Public sector lender Bank of India has filed a petition claiming default of Rs 495.91 crore under section 7 of IBC. Another financial creditor Catalyst Trusteeship Ltd has approached NCLT for claims of Rs 451.98 crore. While an operational creditor of FLFL - Lotus Lifespaces LLP - has also approached under section 9, claiming a default of Rs 150.37 crore. "Matter is yet to be heard and the

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before NCLT

Future Supply Chain Solutions (down 20 per cent at Rs 37.30) and Future Lifestyle Fashions (down 20 per cent at Rs 29.40) also hit their respective all-time lows in intra-day trade on Monday.

The chairperson of Future Lifestyle Fashions Ltd, Shailesh Haribhakti, has resigned observing that 'board's recommendation to find solutions have not been met with implementation impetus'

Future Retail admitted in a statement that the Covid-19 pandemic had impacted its business significantly

The gross principal amount on which the default has occurred is Rs 350 crore

The weak results come amid the sale of retail assets of the Future group to Reliance in a nearly Rs 25,000-crore transaction, which was announced last month

Future Lifestyle Fashions on Monday reported a consolidated net loss of Rs 352.95 crore for the first quarter ended June 30, 2020 on account of lower income

Future Consumer faces a stiff resistance around Rs 12.50 levels. Here's a look at how the Future Group stocks look on charts.

The company had posted a profit after tax of Rs 74.67 crore during the January-March quarter a year ago

Future Supply Chain Solutions (FSC) is a third-party supply chain and logistics service provider that offers warehousing facilities also.

The re-designation is based on the recommendations of the nomination and remuneration committee, the company said.

Company hopes tie-up with Flipkart and Myntra will boost online share of total sales to 15%, from just 3% share that its own portal commands

the company had reported a 3.23 per cent increase in consolidated net profit at Rs 30.28 crore