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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.
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 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.
The high rental yields of 6-10 percent that commercial properties offer, compared to 2 to 3 percent for residential properties, is the key reason for this trend.
Future Enterprises have received resolution plans from Jindal (India) Ltd, Reliance Retail Ventures and GBTL Ltd under the corporate insolvency process. The newly appointed resolution professional Avil Menezes disclosed the names of these three entities as a 'provisional list of prospective resolution applicants'. The RP has admitted Rs 12,265 crore of verified claims from lenders and Rs 23 crore of claims from fixed deposit holders.