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Central Bank files for insolvency case against promoters of Future Group

Public sector lender Central Bank of India has filed a personal insolvency case against promoters of the debt-laden retail conglomerate Future Group, The Economic Times reported on September 5.

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New Delhi: Public sector lender Central Bank of India has filed a personal insolvency case against promoters of the debt-laden retail conglomerate Future Group, The Economic Times reported on September 5.

The bank has sued promoter Kishore Biyani, his elder brother Vijay Biyani, and his cousin Sunil Biyani with claims totaling Rs 1,047 crore.

According to the statement, all three had personally guaranteed loans requested by subsidiaries Iskrupa Mall Management, Syntex Trading and Agency, and Unique Malls.

The study also revealed that Sunil Biyani and Kishore Biyani each provided guarantees totaling Rs 21 crore and Rs 513 crore, respectively.

According to the statement, all three had personally guaranteed loans requested by subsidiaries Iskrupa Mall Management, Syntex Trading and Agency, and Unique Malls.

The study also revealed that Sunil Biyani and Kishore Biyani each provided guarantees totaling Rs 21 crore and Rs 513 crore, respectively.

The accusations, according to the newspaper, have been before the Mumbai bench of the National Company Law Tribunal (NCLT) for a few days, but the court has not yet acknowledged them.

Future Enterprises (FEL), which owes lenders and bondholders a total of Rs 6,778 crore, has the Central Bank as its primary lender. Over 28,000 crore worth of debt against the group is yet unpaid.

The Bank of India petitioned the National Company Law Tribunal (NCLT) last week to begin insolvency proceedings against Future Lifestyle Fashions Ltd., which is heavily indebted (FLFL).

A corporate insolvency resolution process (CIRP) can be started by the financial creditor of the company, which includes banks and financial institutions, by filing a plea before the NCLT and alleging a default.

On July 20, the NCLT already filed a CIRP against Future Retail Ltd. Additionally, Future Enterprises Ltd. is dealing with two petitions from creditors seeking to start insolvency procedures against the business.

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