The National Company Law Tribunal (NCLT) has granted Future Retail (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. Allowing FRL's plea the Mumbai bench of the NCLT has extended the deadline to July 15, 2023, for concluding the CIRP of FRL. The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default.
Future Retail is engaged in the business of retailing of fashion, household and consumer products through departmental and neighbourhood stores under various formats across the country.
