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NCLT extends deadline for completion of insolvency of Future Retail

20 Jul 2023 Evaluate

The National Company Law Tribunal (NCLT) has extended the deadline for completion of insolvency proceedings of Future Retail (FRL) to August 17, 2023. The Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process (CIRP). Earlier in April, the NCLT bench had granted FRL an extension of 90 days till July 15, 2023 for concluding the CIRP.

The Insolvency & Bankruptcy Code (IBC) mandates to complete CIRP within 330 days, which includes time taken during litigations. The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default. As per Section 12(1) of the Code, the CIRP shall be completed within a period of 180 days from the date of initiation. However, NCLT may grant a one-time extension of 90 days. The maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days.

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.


Future Retail Share Price

2.41 0.00 (0.00%)
01-Aug-2024 16:01 View Price Chart
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