Eligible Prospective Resolution News Today

Future Retail confirmed the insolvency professionals move to initiate the liquidation process. The application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016, was filed with the National Company Law Tribunal (NCLT), Mumbai bench, on November 9.

Future Retail, the debt-ridden company once owned by Kishore Biyani-led Future Group, is now facing liquidation as its lenders could not find a suitab

Kishore Biyani: Future Retail confirmed the insolvency professionals move to initiate the liquidation process. The application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016, was filed with the National Company Law Tribunal (NCLT), Mumbai bench, on November 9.

Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. As the Committee of Creditors (CoC) rejected the sole resolution plan submitted by Space Mantra after four extensions in

Future Retails Resolution Professional seeks extension until September 15 to finalize Corporate Insolvency Resolution Process.

This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as Transaction Review Auditor by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT.

The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a fraudulent transaction in the company. This application has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as Transaction Review Auditor by the RP, said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was...

The deadline for submission of resolution plans was May 15, 2023, for 48 companies, which were in the final list of Eligible Prospective Resolution Applicants.

NCLT's Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process

The National Company Law Tribunal (NCLT) has extended the deadline for completion of insolvency proceedings of debt-ridden Future Retail Ltd (FRL) to August 17, 2023. The Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process (CIRP), the company informed in a regulatory filing.