Debt-laden Future Retail has received approval from the bankruptcy court to extend the date to complete its resolution process by another 90 days to July 15. The current deadline is April 16.
The Mumbai bench of the National Company Law Tribunal (NCLT), which heard the petition filed by Futture Retail’s resolution professional on Thursday, granted the exclusion of 90 days from the Corporate Insolvency Resolution Process, the company said in a stock exchange update.
The order was pronounced orally by NCLT on Thursday, and a “written order is awaited”, it added.
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On April 10, Future Retail had said it has received 49 expressions of interest from prospective resolution applicants, including from Reliance Industries, Adani Group and Jindal Power, to acquire its assets through the ongoing insolvency process.
Mukesh Ambani-helmed Reliance expressed interest through Reliance Retail Ventures, the holding company of all its retail businesses, and Adani Group via April Moon Retail (a joint venture between Adani Airports and Flemingo Group), after FRL lenders invited fresh bids.
Others such as UK-based travel retailer WH Smith Travel, JC Flowers Asset Reconstruction and Burgundy Hospitality have also expressed interest, according to a provisional list released by the resolution professional. Future Retail is expected to release a final list soon.
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The company, which was admitted for insolvency proceedings after failing to meet its loan obligations, has been undergoing bankruptcy proceedings since July last year. Lenders had claimed dues worth ₹21,555 crore, of which ₹19,183 crore were admitted.