Future Retail Gets More Time For Insolvency Resolution

Future Retail Ltd. received more time for the insolvency resolution after the National Company Law Tribunal (NCLT) allowed exclusion of certain days from its corporate insolvency resolution process (CIRP) period.

The Mumbai bench of NCLT on 17 July granted the exclusion of 33 days from the bankrupt retailer’s CIRP, Future Retail said in a stock exchange announcement.

The development came after Future Retail’s resolution professional filed an application in the matter following an approval from the company’s committee of creditors.

The last date for completion of Future Retail’s CIRP is now 17 August.

The insolvency resolution process against Future Retail was started following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($176 million).

Note: $1 = 82.06 Indian rupees

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