Future Lifestyle Fashions has been hit with a claim of INR2,155.5 crore ($289.4m) by 12 creditors following its default on loans. Furthering this, a committee of creditors has since been formed under the Insolvency and Bankruptcy Code, with its first meeting scheduled to take place on 6 June. FLFL, which operates retail chains including Central and Brand Factory in addition to several exclusive brand outlets, was considering asset monetisation to pay debts after entering into a one-time restructuring plan.
