Resolution Professional Seeks Future Retail’s CIRP Extension

Resolution professional asks the NCLT to exclude 29 days from the retailer’s corporate insolvency resolution process period
Resolution Professional Seeks Future Retail’s CIRP Extension
Image Source: Future Retail

Future Retail Ltd.’s resolution professional requested the National Company Law Tribunal (NCLT) to exclude 29 days from the company’s corporate insolvency resolution process (CIRP) period.

As a result, the distressed retailer’s resolution professional sought extension from 17 August to 15 September for concluding the company’s CIRP, Future Retail said in a stock exchange announcement. The application was filed before the Mumbai bench of the NCLT.

Last month, the NCLT allowed exclusion of 33 days from the company’s CIRP period. The exclusion extended Future Retail’s CIRP period to 17 August.

Future Retail was admitted into an insolvency resolution by the NCLT in July 2022, following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($173 million).

(Note: $1 = 83.3028 Indian rupees)

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