Future Group: NCLT extends the deadline to complete the insolvency process of Future Retail till 17 August
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future group: National Company Law Appellate Tribunal (NCLT) has extended the deadline to complete the insolvency process against the debt-ridden company Future Retail Limited (FRL) till 17 August. The company gave this information in the information sent to the stock exchanges. The company said that the Mumbai bench of NCLT has allowed FRL to be kept out of the Corporate Insolvency Resolution Process (CIRP) for a period of 33 days. Future Retail said that the NCLT heard FRL’s application on July 17 and allowed it a 33-day exemption for CIRP. The company said that under this, now the last date for completion of CIRP of FRL is 17 August.
Bankruptcy process started on 20 July
Explain that on July 20, the NCLT had started the corporate insolvency resolution process against FRL after the loan default. Earlier, the NCLT bench had given 90 days exemption till July 15 to complete the CIRP. Under the Insolvency and Bankruptcy Code (IBC), the CIRP has to be completed in 330 days including the time taken for litigation. NCLT had started the corporate insolvency resolution process against FRL on July 20, 2022. As per Section 12(1) of the Code, the CIRP has to be completed within a period of 180 days from the date of commencement. The CIRP should mandatorily be completed within a maximum period of 330 days, including the period for any extension or litigation.
The name of the new owner will be announced soon.
The name of the new owner of Big Bazaar may be finalized soon. The race to buy the company includes Reliance Retail Ventures Ltd, steel company Jindal (India), polyester viscose and blended fabric maker GBTL. It is being told that these selected companies have to submit their resolution plans by August 24. RRVL is also among the potential buyers of Future Retail, another flagship company of the Future Group. Future Retail is also under the corporate insolvency resolution process.
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