Live
- 2024 on track to be hottest year on record
- PM Modi’s visit to Solapur: Women applaud ‘Double-Engine’ government’s initiatives
- Nagarkurnool MLA Dr. Kuchukulla Rajesh Reddy Campaigning in Maharashtra Elections
- Wife Kills Husband with Her Lover: Details of Veldanda Murder Case Revealed by SP Gaikwad
- Strict Action on Violations of Food Rights: Telangana Food Commission Chairman Goli Srinivas Reddy
- Smooth Conduct of Group-3 Exams with Strict Security Measures: Collector Badavath Santosh
- Delhi HC orders cancellation of LOC issued against Ashneer Grover, wife
- Shami’s absence a major blow for India in BGT, says Paul Adams
- Will organize protests at borders if attack on minority Hindus in Bangladesh not stopped: Bengal LoP
- Dutch Ambassador Marisa Gerard Meets Telangana CM A. Revanth Reddy in Delhi
Future Retail to face insolvency proceeding
NCLT on Wednesday admitted Bank of India’s (BoI) plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Ltd (FRL).
Mumbai: The National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India's (BoI) plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Ltd (FRL).
The tribunal rejected Amazon's objection to initiating insolvency proceedings against Future Retail. Admitting the lenders' plea, the NCLT appointed Vijay Kumar Iyar as the resolution professional (RP) for FRL.
In April this year, BoI moved the tribunal seeking insolvency resolution proceedings against FRL, which has defaulted on loan repayments. On May 12, Amazon filed an intervention application under Section 65 of the Insolvency and Bankruptcy Code (IBC) that deals with provisions relating to penalty for fraudulent or malicious initiation of proceedings.
