Bankrupt Future Retail Ltd. said its Executive Chairman and Director Kishore Biyani resigned from the company with effect from 23 January.

The distressed Indian retailer’s Resolution Professional Vijaykumar Iyer received the resignation intimation through e-mail on 24 January, Company Secretary Pratiksha Salecha said in a stock exchange announcement.

Biyani’s resignation letter will be placed before the committee of creditors as per the rules of the Insolvency and Bankruptcy Code 2016, she added.

“Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Kishore Biyani, including in respect of his submissions in the resignation letter on information handover,” Salecha said.

India’s National Company Law Tribunal (NCLT) recently granted time until 16 April 2023 for the completion of Future Retail’s corporate insolvency resolution process.

Future Retail was admitted into an insolvency resolution by the NCLT in July 2022 following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($176.75 million).

In December 2022, Future Retail’s resolution professional said that a total of 13 suitors, including Capri Global Holdings Private Ltd., Reliance Retail Ventures Ltd. and Dharampal Satyapal Ltd. showed interest for the distressed retailer.

(Note: $1 = 81.5627 Indian rupees)