NCLT directs bank to start insolvency process for Future Retail
22 July 2022, Mumbai:
The National Company Law Tribunal has directed the Bank of India to start the bankruptcy process for the cash-strapped retailer Future Retail. z
It dismissed Amazon’s allegations who accused Future Retail’s lenders of pushing the firm into insolvency by colluding with its founders.
The court also appointed an administrator to take over the management of Future Retail.
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The ruling enables Reliance to rebuild Future Retail’s business through an insolvency process monitored by the court.
As per India’s bankruptcy law, all money recovery cases against Future Retail will now restart. The ruling effectively stops Amazon from pursuing an arbitration case in Singapore against Future Retail, though cases against Future Retail’s founder Kishore Biyani and his other companies can continue.
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