Debt-ridden Future Retail Limited (FRL) on April 24 announced the final list of 48 eligible prospective resolution applicants under the insolvency resolution process.
The entities, which include JC Flowers, Reliance Retail, the retail arm of Reliance Industries, and WH Smith, were selected from among those who submitted their expression of interest published by the resolution professional on March 23, 2023. The process will now move on to the next phase.
Lenders of Future Retail had recently sought a 90-day extension for concluding the Corporate Insolvency Resolution Process (CIRP) of the company.
The insolvency resolution process against FRL was initiated by the National Company Law Tribunal (NCLT) on July 20, 2022, following a loan default.
The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days.
As per Section 12(1) of IBC, the resolution shall be completed within a period of 180 days from the date of initiation. However, NCLT may 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.
(Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
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