Mumbai: State-owned Central has opened a new front to recover dues from the Biyanis, promoters of the debt-laden retail conglomerate Future Group that is facing bankruptcy proceedings. The bank has filed a personal insolvency case against promoter Kishore Biyani, his elder brother Vijay Biyani and cousin Sunil Biyani with total claims of ₹1,047 crore.

The claims were filed in the Mumbai bench of the National Company Law Tribunal (NCLT) a few days ago and are yet to be admitted by the court, documents seen by ET show.

Central Bank is the lead lender to

(FEL) which owes lenders and bondholders a total of ₹6,778 crore.

Kishore Biyani is described as the vice-chairman while Vijay Biyani is designated as managing director, according to the FEL website. Sunil Biyani is a former director of FEL.

All three had given personal guarantees for loans applied by subsidiaries Iskrupa Mall Management,

Trading and Agency and Unique Malls, as per documents seen by ET.

Kishore and Vijay Biyani have each given a guarantee totalling ₹513 crore while Sunil Biyani has given a guarantee of ₹21 crore, the documents show. The cases against them are a part of the 15 different cases Central Bank filed against the group companies. The bank did not reply to an email seeking comment.

is the largest debtor in the group, with about ₹17,000 crore of dues. Two other listed companies – Future Enterprises that holds its supply chain, and that houses apparel brands such as Central and Brand Factory – add another ₹11,000 crore to the debt pile, taking the group-level outstanding to ₹28,000 crore.

“The claims are part of banks’ attempts to recover whatever is possible. We will pursue cases to ensure maximum recovery. Other banks which loans outstanding to the group will also join the personal insolvency proceedings once the case is admitted,” said a person with direct knowledge of the matter.

“The truth is there are many challenges to the resolution of these loans and court delays are not helping. Banks are doing whatever it takes to recover but there is no clear end in sight,” said a second person aware of the situation.

Last week, Bank of India dragged Future Lifestyle Fashions to the NCLT under the Insolvency and Bankruptcy Code for recovery of dues. BoI’s petition against Future Retail, the largest debtor in the group was admitted by the NCLT in July.

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