Future Retail Resolution Professional Seeks CIRP Extension

Future Retail Ltd.’s resolution professional requested the National Company Law Tribunal (NCLT) to exclude 90 days from the company’s corporate insolvency resolution process (CIRP) period.

As a result, the distressed retailer’s resolution professional sought extension from 16 April to 15 July for concluding its CIRP, Future Retail said in a stock exchange announcement. He submitted the application before the Mumbai bench of the NCLT, it added.

The resolution professional also filed an application seeking directions for gaining access to the company’s inaccessible stores and warehouses, Future Retail said separately.

The development came after a total of 49 suitors, including Reliance Retail Ventures Ltd. and Jindal Power Ltd., showed interest in acquiring the bankrupt company or its assets.

Resolution Professional Vijaykumar Iyer had sought fresh expression of interest for the company by giving two options after the previous attempt yielded no resolution plans from suitors.

Future Retail, which failed to get any bids by the submission deadline in February despite initial interest from several suitors, was admitted into an insolvency resolution by the NCLT in July 2022.

The insolvency resolution process was started against Future Retail 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 = 82.0600 Indian rupees)

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