Kishore Biyani offers Rs 476 for SOBO Central Mall after Runwal Group’s winning bid

The lenders received Runwal Group’s Rs 475 crore bid to take over the mall earlier this month, but Biyani approached the debts recovery tribunal (DRT) to challenge the decision. Founder of Future Group Kishore Biyani has reportedly made an offer of Rs 476 crore as an one-time settlement of Rs 571-crore debt of Bansi Mall Management that owns SOBO Central Mall in Mumbai’s Haji Ali to a group of lenders led by Canara Bank. The twist in the tale is that Biyani’s offer comes after the creditors reportedly approved a Rs 475-crore bid from Runwal Group for the asset. According to a report in The Economic Times, the lenders received Runwal Group’s Rs 475 crore bid to take over the mall earlier this month, but Biyani approached the debts recovery tribunal (DRT) to challenge the decision. Biyani, the report stated, has been in touch with lenders, and has now approached the court to beat the Runwal bid. Runwal Group has already paid 10 per cent of the bid amount. As per the report, lenders are waiting for the decision of the court. The hearing is slated for later this month.