A few days ago, banks approved a bid of Rs 475 crore from the Runwal Group.
Future Group founder Kishore Biyani has repeatedly offered a bid of Rs 476 crore to the consortium of banks led by Canara Bank for a one-time settlement of the debt of Bansi Mall Management Company (BMMCPL) amounting to Rs 571 crore. The company operates the SOBO Central Mall in the Haji Ali area of Mumbai.
A few days ago, banks approved a bid of Rs 475 crore from the Runwal Group. Banks had initiated surface proceedings against the company, and at the beginning of this month, it had received a bid of Rs 475 crore. However, according to sources, Biyani has challenged the banks' decision in the Debt Recovery Tribunal (DRT) and has offered to repay the debt himself.
A source revealed that Biyani had been in touch with the banks, but he became more active since the approval of Runwal's bid by the banks. He has offered a bid larger than Runwal's and has approached the court regarding this matter. The court proceedings will begin later this month, and banks are awaiting the court's decision.
Banks have already received 10% of the bid amount from Runwal, i.e., Rs 47.5 crore. Biyani's petition in the DRT has delayed the process. The Runwal Group has declined to comment on this. SOBO Central Mall now hosts only a joint venture with McDonald's. It was opened in 1999 and is the oldest mall in the city. It has a total leasable area of 150,000 square feet.
However, the opening of new shopping malls in and around Mumbai and the impact of the Corona pandemic have affected the condition of SOBO Central Mall. Most of the real estate was given to Future Group companies, which are facing difficulties. The company owes Rs 131 crore to Canara Bank, while it owes Rs 90 crore to PNB. Future Brands owes Rs 350 crore to PNB and Union Bank of India. Banks have a total of Rs 33,000 crore in dues from Future Group companies. The group's flagship company, Future Retail Limited, has gone into liquidation, while Future Enterprises is going through the resolution process for the second time.
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