Future Retails: NCLT allows bankruptcy proceedings against Future | Business news from India

NEW DELHI: The National Company Law Tribunal (NCLT) on Wednesday authorized the opening of bankruptcy proceedings against indebted Big Bazaar parent company Future Retail (FRL).
As a result, FRL’s lenders, along with a liquidator, can initiate bankruptcy proceedings against the Mumbai-headquartered retailer, solicit bids from potential suitors, and even liquidate the company’s assets to collect fees.
The development, which comes as Reliance Retail scraps plans to buy FRL’s assets for Rs 24,700 crore, comes as a major blow to US e-tailer Amazon.
While the largest lender to Kishore Biyani-led retailer Bank of India (BoI) moved NCLT to begin bankruptcy proceedings in April after FRL defaulted on loan repayments, Amazon objected in May, claiming that the lenders were involved with FRL conspired and threatened bankruptcy rights of e-commerce companies.
The Chamber of the Mumbai Tribunal allowed the lender’s objection, dismissed Amazon’s objection and appointed Vijay Kumar V Iyer as FRL settlement officer. Amazon, which is likely to go before the National Company Law Appellate Tribunal (NCLAT), has not commented on the story.
Future Group companies along with FRL, Future Enterprises (FEL) and others collectively owed around Rs.29,000 to lenders and creditors in May, sources said. SBI and Bank of Baroda are some of the largest lenders to Future Group companies.
Future Group’s demise was prompted by the pandemic and a multi-pronged legal battle with Amazon, which used its 2019 investment in Future Coupons, a Future Group company, to block the Reliance futures deal, claiming the transaction gave him protection rights over FRL.
While Reliance called off the transaction in April because a majority of FRL’s secured creditors voted against the transaction, the move had left Future Group staring at bankruptcy proceedings.

Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

Leave a Reply

Your email address will not be published. Required fields are marked *

naughty cam girls adultcamslive.cc karly_angel
hindi sex clips xlxx.pro sexy hot imges
vasundhara kashyap nude video tubeshere.info indian xvideoa
sexy lady bf tubeband.mobi girl with horse sex
xmxx motherless.pro mallu mms scandal
سكس ىابانى eroplaytube.com سكس\
wwww xxxx vidos pornindianhub.info www.xxx movie
tamil pornhub 2beeg.mobi chudaimaza
lobsters tube zatube.mobi gujarati sex videos
indian bollywood porn pornogator.net kochikame porn
bengali actress porn video free-porn-hose.net xvideo bangladeshi
boss secretary sex hdsexword.mobi xxx dasi sex video
sexxx3 hamsterporn.mobi malayalam sex with
garo xxx video brostube.mobi todayspkmovies
rajasthan sax video pelisporno.org andhra sexy video download