Page 21 - Future Group News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit had undertaken an assignment for one of the Biyani-promoted company before FLFL was admitted for corporate insolvency. Dixit is also partner of GD Apte & Co, the firm which the lenders appointed as forensic auditor of FLFL in July 2022.

These provisions are ultra vires the Act as they operate to obstruct/delay the recovery of loans by banks and other financial institutions and also “confer drastic and extraordinary powers” upon the tribunal to pass interim exparte order without prima facie satisfying that the conditions required for such restraint orders are met, the petition filed through counsel Pallavi Pratap stated.

The Future Group companies on Tuesday moved the Delhi High Court against a debt recovery tribunal's July 31 order that restrained them from alienating their assets in recovery proceedings initiated by lenders. A bench led by Chief Justice Satish Chandra Sharma, while seeking response from the government, Future Group founder Kishore Biyani, Rattan India Finance, RBL Bank, Yes Bank and others refused to stay the DRT order. The matter will be next heard on October 18.

The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit had undertaken an assignment for one of the Biyani-promoted company before FLFL was admitted for corporate insolvency. Dixit is also partner of GD Apte & Co, the firm which the lenders appointed as forensic auditor of FLFL in July 2022.

The resolution professional of debt-ridden Future Retail Ltd has approached the National Company Law Tribunal, seeking a further extension till September 15 to complete the corporate insolvency resolution process. The RP has moved an application before the Mumbai bench of NCLT, to exclude a period of 29 days from CIRP of Future Retail.