19 March 2024 – The founder of Future Group, Kishore Biyani, is rumored to have offered a group of lenders led by Canara Bank a one-time settlement of Rs 476 crore for the Rs 571-crore debt of Bansi Mall Management, the owner of Mumbai’s SOBO Central Mall.
The story takes a turn when it is revealed that Runwal Group’s Rs 475-crore proposal for the asset was accepted by the creditors, which is when Biyani made his offer.
According to a story in The Economic Times, Runwal Group’s Rs 475 crore bid to take over the mall was accepted by the lenders earlier this month. However, Biyani challenged the decision by going before the Debt Recovery Tribunal (DRT). According to the report, Biyani has contacted lenders and is now requesting permission from the court to outbid Runwal. Runwal Group has already paid ten percent of the total bid price.
Conclusion
According to the report, lenders are awaiting the court’s ruling. This month’s hearing is scheduled for later. There is just one McDonald’s restaurant at the SOBO Central Mall, which opened in 1999. At 150,000 square feet of total leasable area, it is the oldest mall in Mumbai.
