Future Retail heads for liquidation

Future Retail, the bankrupt company owned by Kishore Biyani, may be headed for liquidation after its resolution plan was rejected by lenders. The insolvency professional overseeing the bankruptcy proceedings has filed an application with the NCLT to start the liquidation process. The plan presented by Space Mantra, a construction materials platform, was rejected by lenders, falling short of the necessary approval percentage. Reliance Retail, which took over Future Retail's key locations, has the highest approved claims.