The National Company Law Tribunal (NCLT) has extended the deadline for completion of insolvency proceedings of debt-ridden Future Retail Ltd (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), the company informed in a regulatory filing.
Future Enterprises have received resolution plans from Jindal (India) Ltd, Reliance Retail Ventures and GBTL Ltd under the corporate insolvency process. The newly appointed resolution professional Avil Menezes disclosed the names of these three entities as a provisional list of prospective resolution applicants . The RP has admitted Rs 12,265 crore of verified claims from lenders and Rs 23 crore of claims from fixed deposit holders.
Mukesh Ambani s Reliance Retail Ventures makes offer to take over Future Enterprises along with Jindal (India), GBTL businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
It may be recalled that Future Enterprises, which is owned by Kishore Bayani, was admitted for corporate insolvency by the National Company Law Tribunal (NCLT) on February 27.