Financial creditors have claimed Rs 21,057 crore as loan dues owed by Future Retail, according to a document available on the company’s website. 

The company, which is under the corporate insolvency resolution process, has mentioned 33 banks who have submitted these claims, of which Rs 17,512 has already been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have yet to be verified,

The largest claim of Rs 4,669 crore has been made by US-based Bank of New York Mellon, a financial creditor. Out of this, Rs 4,109 has been verified.

Bank of Baroda, following next, has claimed Rs 2,286 crore.  The next in line is Union Bank of India at Rs 2,002 crore while Central Bank of India is at Rs 1,657 crore.

Private sector lenders Axis Bank, IndusInd Bank, IDFC First Bank, and Yes Bank have claimed Rs 464.46 crore, Rs 357.67 crore, Rs 220.55 crore, and Rs 148.70 crore respectively.

Axis Trustee Services Ltd has claimed Rs 1,266.28 crore, but the entire amount is unverified so far.

Future Retail has received Rs 265 crore worth of claims from operational creditors as well but so far they have not been verified.

After the claims’ verification is received, the IRP will form the committee of creditors (CoC). The  expression of interest (EoIs) will then be invited from prospective bidders for the assets of the company. The EoIs will be vetted by the resolution professional’s team and then presented to the CoC for their approval. The CoC has to then approve the highest bid with a majority for the resolution process to conclude.

On 20 June, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted Bank of India’s plea under Section 7 of Insolvency and Bankruptcy Code (IBC) to start proceedings against debt-ridden Future Retail and named an interim resolution professional. 

Led by Bank of India, Future Retail’s creditors had moved NCLT on 14 April for non-payment of dues.

In 2020, the Future Group decided to sell its companies to Reliance Retail for about Rs 25,000 crore to repay its debt. However, e-commerce giant Amazon, which indirectly owned 10% in Future Retail through Future Coupons, objected and the deal got stalled.