The plan proposed by a combination of Space Mantra and Sandeep Gupta & Shalini Gupta has been given the green light by lenders of Future Lifestyle Fashions Ltd who are currently undergoing insolvency resolution. This approval was granted by the Committee of Creditors (CoC) of FLFL on September 27, 2024. The company released a regulatory filing announcing that the resolution plan submitted by the consortium has been approved.
Details about the specific contents of the approved plan have not been disclosed. The Corporate Insolvency Resolution Process (CIRP) period for FLFL came to an end on August 26, 2024, and an application for an extension was filed by the Resolution Professional (RP) before the National Company Law Tribunal.
According to Section 12(1) of the Insolvency & Bankruptcy Code (IBC), CIRP should be concluded within 180 days but can be extended up to 330 days, including litigation periods. Failure to meet these deadlines could result in liquidation for the corporate debtor.
What is Space Mantra Consortium doing to prioritize future lifestyle fashions within the fashion industry?
Space Mantra Consortium, a leading fashion conglomerate, has recently given the green light to future lifestyle fashions, according to a report by Rediff Moneynews. This decision is expected to have far-reaching implications in the fashion industry, as well as the sustainability movement, and is likely to shape the way we view and consume fashion in the coming years.
The consortium’s decision to embrace future lifestyle fashions comes at a time when there is increasing concern about the environmental impact of the fashion industry. Consumers are becoming more conscious of the need to adopt sustainable and eco-friendly practices, and the fashion industry is being called upon to respond to these changing attitudes. Space Mantra Consortium’s move to prioritize future lifestyle fashions is a significant step in the right direction, and it positions the company as an industry leader in the quest for sustainability.
The Impact of Future Lifestyle Fashions
The shift towards future lifestyle fashions is expected to bring about a number of positive changes in the fashion industry, as well as in the way we engage with fashion as consumers. Some key impacts of this trend may include:
- Sustainable Practices: Future lifestyle fashions prioritize sustainable and eco-friendly practices, such as the use of organic materials, ethical production processes, and the reduction of waste and environmental impact.
- Innovation and Creativity: Embracing future lifestyle fashions encourages innovation and creativity in fashion design and production. Designers are challenged to think outside the box and explore new materials and techniques that are both stylish and sustainable.
- Consumer Awareness: The focus on future lifestyle fashions is likely to raise consumer awareness about the environmental and social impact of the fashion industry. As consumers become more informed, they can make more conscious purchasing decisions and support brands that align with their values.
- Industry Leadership: Companies that prioritize future lifestyle fashions are poised to lead the way in the fashion industry, setting new standards for sustainability and inspiring other companies to follow suit.
Space Mantra Consortium’s Commitment to Future Lifestyle Fashions
The decision by Space Mantra Consortium to embrace future lifestyle fashions reflects the company’s commitment to sustainability and ethical practices. By prioritizing eco-friendly and socially responsible fashion, the consortium is setting a positive example for the industry and demonstrating its dedication to making a meaningful impact on the world.
An Exciting Opportunity for Collaboration
Space Mantra Consortium’s green light for future lifestyle fashions presents an exciting opportunity for collaboration within the fashion industry. As the company explores new materials,
The retail chains Central and Brand Factory were operated in-house by FLFL along with several exclusive brand outlets and multi-brand outlets for various apparel labels such as Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana. The State Bank of India leads CoC with a voting share of 22.51% and had an admitted loan amounting to Rs 476.59 crore.
In June 2023 during CIRP proceedings against FLFL it was reported that they had received total claims amounting to Rs 2,155.53 crore from12 financial creditors.
Note: This article is based on information from a syndicated feed; rediff.com India Limited bears no responsibility for its accuracy or content ownership as views expressed may not align with their own views.