The National Company Law Tribunal (NCLT) has granted a 33-day extension to Future Retail’s administrator to complete its ongoing insolvency process, with the new deadline ending on August 17.
The tribunal’s Mumbai bench, which heard a plea by the company’s resolution profession on July 17, had granted the extension under Corporate Insolvency Resolution Process (CIRP). The company had received the Committee of Creditors (CoC) meeting for the extension at its meeting held on July 5, FRL said in a regulatory update.
On April 14, FRL had received the NCLT approval to extend the date for complete its resolution process by another 90 days to July 15, after the earlier deadline expired on April 16. The debt-laden firm had extended the deadline multiple times earlier.
In June, FRL received claims totalling `21,555 crore from 35 creditors, including Bank of New York Mellon and Union Bank of India, of which about Rs 19,404 crore were admitted. The other creditors who had raised claims include Bank of Baroda, Central Bank of India, Bank of India, Punjab National Bank, Indian Bank, State Bank of India, Centbank Financial Services and Axis Trustee Services among others.
Bank of New York Mellon has the highest voting share of 21.18% in FRL’s CoC, followed by Union Bank of India at 9.17% and Bank of Baroda at 8.95%.
In July 2022, NCLT admitted an insolvency petition filed by Bank of India against FRL and appointed Vijay Kumar V Iyer as resolution professional, paving way for the bankruptcy proceedings of the debt-laden retailer.
