Skip to main content

NCLT orders liquidation of Kishore Biyani-led Future Retail as resolution eludes

The Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter

Mumbai: The National Company Law Tribunal on Monday allowed the liquidation of Kishore Biyani-led Future Retail as the maximum period of the corporate insolvency resolution process (CIRP) has expired with no resolution plan approved by the lenders.

The Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter.

The tribunal, led by Anil Raj Chellan and Kuldip Kumar Kareer, in the order said, “Looking at the application and averments made therein, it is evident that the maximum period of the CIRP has expired and no Resolution Plan has been approved by the CoC.

“We are of the considered opinion that this is a fit case for liquidation. Therefore, we hereby order the liquidation of the Corporate Debtor.”

The decision comes after the resolution professional, Vijaykumar V Iyer, failed to get any resolution applicants to turn around the insolvent company.

In November 2023, the resolution professional of Future Retail filed an application before NCLT Mumbai, seeking liquidation of the debt-ridden company after the lenders opted for the same.

The application was filed based on the resolution passed by the Committee of Creditors (CoC) in October 2023.

The CoC, led by public sector lender Bank of India, had filed an insolvency application against the company in April 2022, after it failed to repay.

The retail firm owes more than Rs 17,000 crore to both its financial and operational creditors. Subsequently, after three months, the NCLT admitted the company under insolvency in July 2022.

In spite of initial interest, none of the applicants submitted final resolution plans.

Space Mantra, which was not a part of the initial list of bidders, ended up as the sole resolution applicant with a Rs 550-crore bid. Its plan was rejected by the lenders, following which the resolution professional approached the tribunal to liquidate the company.

The post NCLT orders liquidation of Kishore Biyani-led Future Retail as resolution eludes appeared first on India Retailing.



from India Retailing https://ift.tt/SmzxwQI
via IFTTT

Comments

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...