Insolvency plea: NCLT grants FRL time till June 6 to file reply


PTI | Mumbai | Updated: 12-05-2022 20:57 IST | Created: 12-05-2022 20:57 IST
Insolvency plea: NCLT grants FRL time till June 6 to file reply
  • Country:
  • India

The National Company Law Tribunal (NCLT) on Thursday granted additional time till June 6 to Future Retail Ltd (FRL) to file its reply on the insolvency plea filed by Bank of India.

FRL's counsel Shyam Kapadia told the tribunal that the company has not been able to file the reply in the matter due to difficulties following resignations of its officials and sought more time.

Ravi Kadam, the counsel of Bank of India, said the lender was not concerned with the third party dispute at FRL and emphasised that it was an Interim Resolution Professional (IRP) take control of the company.

After hearing the counsels, the tribunal granted additional time till June 6 to FRL to file the reply.

Meanwhile, Amazon moved an intervention application against Bank of India petition.

In April, the lender moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments.

FRL has defaulted on payment of Rs 5,322.32 crore to its lenders on account of the ongoing litigations with e-commerce major Amazon and other related issues.

Bank of India is the lead banker in the consortium of lenders of FRL.

In March, the lender through a public notice claimed its charge over the assets of FRL and warned the public against dealing with assets of the Kishore Biyani-led Future group firm.

Future Group's deal with Reliance was opposed by Amazon and litigation is going on at various forums. The deal was called off last month.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback