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BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

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Catalyst Trusteeship has already taken FLFL under clause 7 of the IBC to NCLT for claims worth Rs 451.98 crore

2 min read Last Updated : Aug 30 2022 | 12:06 AM IST

Bank of India (BoI) has dragged Kishore Biyani-controlled Future Lifestyle Fashions (FLFL) to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) for recovery of dues.

FLFL — in its filing with the BSE — said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016.

The company is in the process of taking legal advice in the matter.

Future Retail and Future Enterprises, both part of the Biyani-led group, are already in NCLT facing cases on payment defaults.

Catalyst Trusteeship has already taken FLFL under clause

Topics : IBC Kishore Biyani Future Lifestyle Fashions Future Group NCLT Bankruptcy Code BSE NSE Bank of Baroda Lawyers IBC rules Reliance Retail Amazon India

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