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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.
