Reliance allowed by NCLT to seek creditors’ approval for FRL proposed deal

19th October 2021, Mumbai:

NCLT grants permit to Relianceto seeking creditors and shareholders approval for proposed deal with (FRL) Future Group. By granting this important permission clearly, the NCLT sets aside the opposition/ objections raised, and the argument made by Amazon iterating them as “premature” comes as in relief.

Just to give a quick backdrop in the given case," Reliance Retail Ventures is a subsidiary of Mukesh Ambani-owned Reliance Industries (RIL). The group had proceeded with the NCLT seeking a nod to move ahead with creditors’ nod for reorganizing companies in lieu of the proposed Future-Retail Deal waiting for a lasting solution.

Reliance Retail Ventures apparently can hold meetings seeking a much-sought-after nod for the company's proposed ₹24,700 crore deal with the (FRL) Future Group was it really turned out to be a time-drawn exercise.

Noteworthy NCLT's finer points in the given case are awaited.

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