Future Market Networks: Suhani Mall liability capped at Rs 80 crore

Future Market Networks Limited disclosed that subsidiary Suhani Mall Management Company Private Limited’s liability over a Visakhapatnam property pledged for third-party facilities is capped at Rs 80 crore and limited to its realisable value, while RBL Bank’s recovery application sought Rs 132.419622856 crore. The disclosure also records continuing appellate proceedings and an FIR registered on June 24, 2026.

What collateral did Suhani Mall provide for the facilities?

Suhani Mall mortgaged leasehold rights over 4,270 square metres of vacant land in Visakhapatnam to secure credit facilities availed by Future Corporate Resources Private Limited from RBL Bank Limited. The property is at T.S. No. 125, Main Road, Survey No. 145, Door No. 27-4-40, Block No. 6, Visakhapatnam, and the mortgage was extended on May 4, 2020.

The secured facilities were Term Loan-1 and Term Loan-2, which the borrower availed in March 2018 and March 2019, respectively. Future Market Networks states that Suhani Mall’s liability is limited to the property’s realisable value, subject to a maximum of Rs 80 crore, rather than the entire debt claimed from all respondents.

RBL Bank’s Original Application, OA/3/2023, sought recovery of Rs 132.419622856 crore under the Recovery of Debts and Bankruptcy Act, 1993. The difference between that claim and the Rs 80 crore ceiling is material because the filing describes Suhani Mall as a collateral provider whose exposure is tied to the property value.

What happened to RBL Bank’s recovery application?

The Debt Recovery Tribunal, Delhi dismissed RBL Bank’s OA/3/2023 on December 12, 2025 because it lacked jurisdiction to adjudicate the claim against Suhani Mall. The filing says the tribunal reached that outcome in light of submissions made through IA No. 630 of 2025.

The tribunal had earlier rejected the bank’s application to attach monthly lease rent and the security deposit of the property’s lessee. According to the disclosure, the tribunal considered that request premature because the transaction documents relied upon by the bank remained pending adjudication before it.

RBL Bank appealed an earlier order dated February 5, 2024 through Miscellaneous Appeal No. 96 of 2024 before the Debt Recovery Appellate Tribunal, or DRAT. Future Market Networks says that appeal became infructuous following the December 12, 2025 dismissal of OA/3/2023; Suhani Mall’s Miscellaneous Appeal No. 99 of 2025 against refusal of a stay was also disposed of as infructuous on that basis.

The bank separately challenged the December 12, 2025 dismissal through Appeal Diary No. 2531 of 2025. The filing states that the matter was listed for admission on January 21, 2027 but was not taken up, and that the next hearing date had not been notified.

What enforcement action has been disclosed against Suhani Mall?

The filing says the relevant account was classified as a non-performing asset and a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was issued on September 16, 2022. That notice demanded Rs 129.6211 crore, while Future Market Networks again states that Suhani Mall’s liability is limited to the marketable value of its property.

Suhani Mall and its authorised signatory also received summons dated January 22, 2025 from the District Cooperative Audit Officer and Inquiry Officer, Visakhapatnam. The summons, issued under Section 55 read with Rule 50 of the Andhra Pradesh Co-operative Societies Act, 1964, required them to appear on February 7, 2025 and provide sworn evidence and documents.

The enforcement notice demand of Rs 129.6211 crore is lower than the Rs 132.419622856 crore recovery amount in OA/3/2023 by Rs 2.798522856 crore. Neither amount changes the disclosure that Suhani Mall’s stated liability is subject to the property’s realisable or marketable value and the Rs 80 crore maximum.

What is the FIR against Suhani Mall about?

FIR No. 33/2026 was registered on June 24, 2026 at CID Police Station, Andhra Pradesh, Mangalagiri, after a complaint by Visakhapatnam Cooperative Central Stores Ltd. It alleges that the security interest created in favour of RBL Bank was made without prior approval and intimation.

The FIR cites Sections 318(4) and 316(5), read with Section 61(2), of the Bharatiya Nyaya Sanhita. Suhani Mall filed a quashing petition before the High Court for the State of Andhra Pradesh at Amaravati, and Future Market Networks stated that the petition was listed for hearing on November 24, 2026.

The criminal complaint is separate from the debt-recovery proceedings concerning the 4,270-square-metre property and the Rs 80 crore stated liability cap. The filing does not disclose an outcome in the FIR matter as of the November 5, 2026 results announcement.

How do the borrower’s insolvency proceedings affect the dispute?

Suhani Mall sought a stay of OA/3/2023 through Writ Petition (Civil) No. 1420 of 2025 before the Delhi High Court because insolvency proceedings had begun against Future Corporate Resources and guarantor Kishore Biyani. The filing says notice was issued in the petition, but it was later disposed of as infructuous following the December 12, 2025 dismissal of the original application.

Future Brands Limited separately challenged summons issued in OA/3/2023 through Writ Petition (Civil) No. 11086 of 2023 before the Delhi High Court. Future Market Networks stated that the next hearing in that separate summons challenge was January 12, 2027, while Suhani Mall’s collateral exposure remains described by the mortgage terms and Rs 80 crore cap.

The independent auditor drew attention to contingent liabilities relating to assets pledged by Suhani Mall in its review report for the quarter and half year ended September 30, 2026. The auditor said its review conclusion was not modified in respect of that emphasis-of-matter disclosure.

Conclusion

Future Market Networks has identified a defined collateral exposure at Suhani Mall: a 4,270-square-metre Visakhapatnam property supports facilities taken by another company, but the subsidiary’s disclosed liability is limited to the property’s realisable value and capped at Rs 80 crore. That limit sits alongside a Rs 132.419622856 crore recovery claim, a Rs 129.6211 crore enforcement demand, litigation and an FIR.

The next disclosed event is the November 24, 2026 hearing on Suhani Mall’s FIR-quashing petition. Investors can also watch for a newly notified hearing date in RBL Bank’s Appeal Diary No. 2531 of 2025 and the January 12, 2027 hearing in Future Brands’ separate summons challenge, as these proceedings may clarify the route of the lender’s claim.