NCLT admits insolvency plea against Future Supply Chain Solution

The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL).

Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default.

"NCLT has pronounced its Order today i.e. January 05, 2023, allowing the admission of the said petition of DHL E-commerce (India) Private Limited on for default of outstanding amount payable to operational creditor," the regulatory filing said.

DHL Ecommerce has filed the plea as an operational creditor under the Insolvency & Bankruptcy Code (IBC).

Besides, this FSCSL was also facing insolvency petitions filed by two other operational creditors - Best Roadways Ltd and Leap India Pvt Ltd - before the NCLT.

In November, both had served an advance intimation of filing an application against the company for their payments.

FSCSL operates warehouses across the country. In Nagpur, FSCSL has one of the largest and most highly-automated distribution centres in India.

This would be the second firm of the Kishore Biyani-led Future Group, after Future Retail Ltd (FRL), which would be facing insolvency proceedings.

The NCLT had on July 20, 2022, directed to initiate Corporate Insolvency Resolution Process (CIRP) against FRL, admitting a plea filed by Bank of India.

Earlier on Friday, Future Lifestyle Fashions Ltd in a regulatory update also informed BSE that it is facing three petitions before the Mumbai bench of NCLT.

"...The matters filed under the Code (IBC) against the Company before the NCLT for their claim and are being defended by the Company before the NCLT. None of them has been admitted till date," it said.

FSCSL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April. After that Future group companies had several defaults on payments.