To accept only bid for Future Retail or not? Lenders differ

Mumbai: Lenders to the debt-laden Future Retail have extended by a week the deadline to vote on the sole plan for a takeover of the company as their ranks remain decidedly split on choosing the best method for recovering dues totalling about ₹20,000 crore.

Some banks are opposed to taking up the resolution plan submitted by SpaceMantra as it is too close to the liquidation value, while some others are inclined to accept the only offer on the table. Voting was supposed to end on Thursday but has now probably been extended until September 15, people familiar with the process said.