Future Lifestyle Fashions Ltd News

Future Lifestyle lenders approve bid from Space Mantra & Guptas' consortium

The lenders of Future Lifestyle Fashions Ltd, going through insolvency resolution, have approved the bid from a consortium of Space Mantra and Sandeep Gupta & Shalini Gupta. The Committee of Creditors (CoC) of Future Lifestyle Fashions Ltd (FLFL) has voted in favour of the resolution plan submitted by the consortium, according to a regulatory filing from the company. "We hereby inform and place on record that the resolution plan submitted by consortium of Space Mantra Pvt Ltd and Sandeep Gupta & Shalini Gupta is approved by the Committee of Creditors of FLFL on September 27, 2024," it said. The company has not shared the details of the plan approved by the lenders. It also informed that the Corporate Insolvency Resolution Process (CIRP) period for FLFL ended on August 26, 2024. The Resolution Professional (RP) of the company filed an application before the National Company Law Tribunal on August 24, 2024, seeking extension of the CIRP period. The CIRP proceedings of FLFL is ...