Future Retail Gets More Time For Completion Of Insolvency Resolution

Future Retail Ltd. said India’s National Company Law Tribunal (NCLT) has given more time for the completion of the company’s corporate insolvency resolution process (CIRP).

The Mumbai bench of the NCLT has given until 16 April 2023 to complete the distressed Indian retailer’s CIRP, its Company Secretary Pratiksha Salecha said in a stock exchange announcement.

The development came after Future Retail’s resolution professional following the approval of the committee of creditors in December 2022 filed an application before the NCLT, seeking an extension of 90 days for the completion of the company’s CIRP.

The NCLT heard the application on 13 January and approved the request via an oral order, according to the statement.

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 ($177.69 million).

In December 2022, Future Retail’s Resolution Professional Vijaykumar Iyer 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 bankrupt Indian retailer.

(Note: $1 = 81.1306 Indian rupees)