Top headlines: FRL to go under insolvency at NCLT; Wipro Q1 net falls 21%

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NCLT admits Bank of India's insolvency petition against Future Retail

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

In an oral order, the two-judge bench, presided over by Justice Pradeep Narhari Deshmukh and Shyam Babu Gautam, said, “The company petition is admitted and Vijay Kumar Iyer is appointed as IRP. The intervention application is dismissed.” Read more...

Wipro Q1 results: Net profit falls 21% to Rs