Advertising
Global Mergers, Local Ripples: Consolidations reshape India's ad land as clients seek 'single-window' partners
NCLT orders liquidation of Kishore Biyani’s Future Retail Ltd
The company has admitted liabilities of over Rs 28,452 crore. This includes secured financial creditors' claims of about Rs 14,422 crore.
The bench observed that the maximum period of Corporate Insolvency Resolution Process (CIRP) has expired and no resolution plan has yet been approved by the committee of creditors (CoC).
The National Company Law Tribunal has allowed the liquidation of Kishore Biyani-led Future Retail as the maximum period of the corporate insolvency resolution process (CIRP) has expired with no resolution plan approved by the lenders. The Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter.
The company has admitted liabilities of over Rs 28,452 crore. This includes secured financial creditors' claims of about Rs 14,422 crore.
The division bench of judicial member Kuldip Kumar Kareer and technical member Anil Raj Chellan while allowing the company’s resolution professional Vijaykumar V. Iyer’s application to admit the company for liquidation in its order stated, “We are of the considered opinion that this is a fit case for liquidation,” said the tribunal.
The order stated, “To maximise the value of the Corporate Debtor, the Liquidator shall endeavour the sale of the Corporate Debtor as a going concern under Regulation 32A clause (e) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016.”
Last year in November, the company’s Resolution Professional informed the stock exchange that the lenders had rejected Space Mantra Pvt Ltd’s resolution plan for Future Retail and hence the lenders have decided to admit the company for liquidation.
SPOTLIGHT
As India eyes global leadership in media, entertainment and gaming, Storyboard18's Digital Entertainment Summit, set to take place on June 27 in the capital, will spotlight the bold strategies, policy pathways and creative innovations shaping the future of the industry.
Read MoreIN PHOTOS: At Global Pioneers Summit, visionaries chart the future of business and creativity
From the chiefs of Nestle, Diageo, Colgate, PepsiCo, Zetwerk and CRED to AI visionaries, marketing mavens, top creators, ad legends and leading global agencies' CEOs, the brightest minds converged at the Storyboard18 Global Pioneers Summit for an action-packed day of meaningful dialogues on creativity, commerce and culture.