Future Ent to quantify receivables from FRL and submit claims before IRP

The National Company Law Tribunal on Wednesday ordered insolvency resolution proceedings against Future Retail

Future Retail
BS Reporter Mumbai
2 min read Last Updated : Jul 21 2022 | 10:23 PM IST
Future Enterprises said it will quantify its receivables from Future Retail and submit its claim before the Interim Resolution Professional (IRP) as per the provisions and process prescribed under Section 7 of the Insolvency and Bankruptcy Code 2016, including applicable rules made thereunder, the company said in a stock exchange filing.

It said that it has substantial and significant amount of receivables from Future Retail as against the business transactions undertaken in ordinary course of business.

This comes after the Mumbai bench of National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India’s petition under Section 7 of Insolvency and Bankruptcy Code to start insolvency proceedings against Future Retail and also appointed an IRP in the matter.

In the written order, the two judge bench, presided over by Justice Pradeep Narhari Deshmukh and Shyam Babu Gautam, said, “Bench is of the view that the existence of debt and default has been proved, therefore, we hereby admit this company petition… we hereby appoint Mr. Vijay Kumar V Iyer as an IRP, with a direction to the financial creditor to pay remuneration to the IRP and his expenses until the constitution of CoC." CoC is Committee of Creditors.

Bank of India had moved the insolvency petition against Future Retail back on April 14 for non-payment of dues under the terms of agreement entered into between the Future Group and the public sector lender. It was seeking admission of its petition and the appointment of an IRP.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Future GroupNational Company Law TribunalFuture Enterprises

Next Story