Reliance Retail Limited and six other prospective bidders have submitted expressions of interest (EoIs) for Future Supply Chain Solutions Limited (FSCS), a Future Group firm that is under insolvency proceedings. One City Infrastructure, Globe Ecologistics Private Limited, The Shanti G.d. Ispat And Power Private Limited, Camions Logistics Solutions Pvt. Ltd., Tatkal Loan India and Sugna Metals are the other firms in the fray.

The resolution professional is verifying the EoIs, FSCS said in a stock exchange update. The resolution professional will submit the final list of the prospective resolution applicants on June 14, 2023 it added. FSCS, which was admitted to bankruptcy proceedings by the National Company Law Tribunal's Mumbai bench earlier this year, used to manage Future Group's warehousing and logistics requirements.

The company was admitted to bankruptcy on a petition filed by DHL Ecommerce (India), alleging default in payments. Two other operational creditors – Best Roadways and Leap India – had also moved the National Company Law Tribunal. Earlier on June 2, Future Lifestyle Fashions (FLFL), another Future Group firm that is under insolvency proceedings, received claims totaling INR 21.5553 billion from 12 financial creditors including from the State Bank of India.

Of the total, INR 21.17 billion have been admitted, while claims worth INR 0.385 billion are under verification. Apart from SBI, Centbank Financial Services, Bank of India (BoI), Bank of Baroda (BoB), IDBI Bank, HSBC and HDFC Bank are among the 12 financial creditors who have staked claims, it said in a stock update. On May 4, NCLT's Mumbai bench had admitted FLFL for a corporate insolvency resolution process (CIRP) following a petition filed by Bank of India after payment defaults.

The tribunal also appointed Ravi Sethia as the resolution professional.