The younger Biyani is now all set to re-enter the retail business with the launch of Broadway, which he says is a new-age departmental store that would only retail new-age digital first brands.
The bankrupt retailer failed to attract resolution plans in previous attempts
Biyani tendered his resignation from his position as the executive chairman of the company on January 23 this year.
The potential bidders include Reliance Retail Ventures, an Adani joint venture and WH Smith Travel.
RRL has also relaunched Future Group’s department store format Central as Centro in the locations where the lease was taken over by the former.
NCLT has appointed Vijaykumar V Iyer of Deloitte India Insolvency Professionals LLP as the interim resolution professional for the insolvency proceedings against Future Retail.
Future has a shade over 550 stores left after RIL took over 830 stores for not paying rentals since early 2020. Of these, over 70% are defunct.
Extending loss for the 10th straight session, Future Enterprises shares hit a 5% lower circuit to touch a 52-week low of ₹3.72 on the BSE.
Future Retail shares have been falling for the past nine sessions and dropped 36% during the same period.
Future group companies hit their lower-price circuits for the second consecutive day as they failed to secure the ₹24,713 crore deal with RIL.
