After most of the Future Retail-owned Gigantic Bazaar retail outlets were taken over by Reliance Retail after it failed to honour its price responsibilities, clients are facing a jam about the validity of the vouchers they support.
“Now we own Gigantic Bazaar vouchers value Rs 6,000 whose validity is till December 2023 nonetheless these can no longer be extinct now after the stores went to Reliance,” talked about 30-year-old-accepted Vipul Dulange to Events of India.
“Customer improve is providing a toll free number and e mail identity, which could maybe maybe be no longer operational. Gigantic Bazaar must own figured out something for such clients who own vouchers.”
“As soon as I enquired about this, a buyer carrier representative talked about they receive several such mails every day and a lot files are pending. They gained’t be ready to capture any action except they receive orders,” the Events of India file quoted one other buyer Shivani Awalkanthe, who has vouchers value Rs 4,000, as saying.
A provide quoted within the file talked about that the money can no longer be refunded for the reason that accounts of Future Retail own been frozen. An industry executive talked about that the 30 stores silent last with FRL could maybe maybe also be extinct to redeem the vouchers.
The Reliance-Future deal did no longer capture off after secured collectors of Future Retail refused to provide their nod. Nonetheless, the shareholders and the unsecured collectors had earlier permitted the cope with Reliance.
The secured collectors were hunting for more main aspects on how the sale proceeds will likely be apportioned among diversified collectors.
Future now faces financial disaster court cases under the IBC and lenders will peek forward to receive better their dues thru the technique.
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