Future Retail's insolvency deadline extended again, deadline now Sept 15

Future Retail (FRL) has been granted a 29-day extension for the completion of its insolvency process by the National Company Law Tribunal (NCLT), according to a report by The Financial Express (FE). FRL stated in a regulatory update that a written order is awaited.

This is the third time the deadline has been extended. NCLT's Mumbai bench granted the extension.

The Mumbai bench had provided a 33-day extension to FRL's administrator to complete the proceedings of its insolvency process on July 19. The deadline ended on August 17. On August 16, the company's resolution professional sought an additional 29 days' extension.

 

In April, the bench had extended the date for completion of the resolution process by 90 days to July 15.

The Mumbai bench had provided a 33-day extension to FRL's administrator to complete the proceedings of its insolvency process on July 19. The deadline ended on August 17. On August 16, the company's resolution professional sought an additional 29 day's extension.

In April, the bench had extended the date for completion of the resolution process by 90 days to July 15. Future Retail has been undergoing bankruptcy proceedings since July last year after it did not meet its loan obligations. Lenders had claimed dues worth Rs 21,555 crore, of which Rs 19,183 crore were admitted.

The Corporate Insolvency Resolution Process (CIRP) needs to be completed within 180 days from the date of initiation of the process, according to Section 12(1) of the bankruptcy code. The NCLT, however, has the right to grant a one-time extension of 90 days.

The maximum time within which CIRP must be completed, including any extension or litigation period, is 330 days.

FRL had earlier stated that it had received six bids from prospective buyers by May 15, which was the last date to submit resolution plans.