Future Lifestyle Fashions Lenders Approve Consortium Bid Amid Insolvency Process

The creditors of Future Lifestyle Fashions Ltd have approved a resolution plan submitted by a consortium of Space Mantra and Sandeep Gupta & Shalini Gupta. With the Corporate Insolvency Resolution Process (CIRP) for FLFL reaching its deadline, the resolution is now subject to approval by the National Company Law Tribunal.

The creditors of Future Lifestyle Fashions Ltd, undergoing insolvency resolution, have approved the bid from a consortium including Space Mantra and Sandeep Gupta & Shalini Gupta.

The Committee of Creditors (CoC) of FLFL has voted in favor of the consortium's resolution plan, according to a regulatory filing by the company. ''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 on September 27, 2024,'' the company announced.

Details of the approved plan have not been disclosed. The Corporate Insolvency Resolution Process (CIRP) period for FLFL concluded on August 26, 2024. The company’s Resolution Professional (RP) has filed for an extension of the CIRP period before the National Company Law Tribunal (NCLT) on August 24, 2024. The proceedings are now pending an extension order from the NCLT.

(With inputs from agencies.)