Page 12 - Big Bazaar News Today

The resolution professional has also filed an application against former and present directors of Future Retail.

NCLT initiated insolvency proceedings following a plea by supplier Foresight Innovations, over a Rs 1.58 crore payment default.

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Instant delivery platforms are a hit with consumers. But profitability remains a distant dream.A significant shift in consumer habits in Indian urban households is underway. People, young and old, are embracing 10-30 minute grocery deliveries, also called quick commerce.

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With his exit, Biyani will join the likes of businessmen who will be remembered, not for the empires that they built, but the value that they destroyed.

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Biyani said FRL is was facing CIRP (Corporate Insolvency Resolution Process) as a "result of unfortunate business situation".

Kishore Biyani has stepped down from the suspended board of Future Retail and has resigned as chairman and director of the company, which is currently facing insolvency proceedings before the NCLT.