Future Retail heads for liquidation as lenders fail to get suitable buyer

Future Retail, the debt-ridden company once owned by Kishore Biyani-led Future Group, is now facing liquidation as its lenders could not find a suitable buyer. The Committee of Creditors rejected the only resolution plan submitted by Space Mantra, leading to the company's RP filing for liquidation. Future Retail has a debt of around Rs 30,000 crore and has been undergoing the corporate insolvency resolution process. Despite efforts to attract buyers, including dividing its assets into clusters, the company has been unable to secure a resolution plan.