Create Post
Future Retail Granted 90 Days Extension For Concluding Insolvency
The resolution process was initiated against Future Retail on July 20, 2022. "... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company. The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation. However, NCLT may grant a one-time extension of 90 days. On March 23, 2023, the resolution professional (RP) of FRL invited new expressions of interest, where prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in over four months. Source: NDTV
- 2
- 0
- ₹0
