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Future Retail Ltd has been granted an extension of 90 days to complete Corporate insolvency resolution process. NCLT has extended the deadline to July 15, 2023

NCLT grants 90 days extension to Future Retail for concluding insolvency

Future Retail Ltd has been granted an extension of 90 days to complete Corporate insolvency resolution process. NCLT has extended the deadline to July 15, 2023

The NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company.
Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL.
"... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company.
This order was pronounced orally by NCLT on April 13, 2023, and a "written order is awaited", FRL added.
The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default.
The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation.
As per Section 12(1) of the Code, the CIRP 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 mandatorily completed, including any extension or litigation period, is 330 days.
Last week, FRL informed that they have received an Expression of Interest (EoI) from 49 players, including Reliance Retail, Jindal Power Ltd and Adani Group for acquiring the assets of FRL.
On March 23, 2023, the resolution professional (RP) of FRL invited new expressions of interest, where prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in over four months.
Earlier, it had received EoI and finalised 11 prospective bidders, including Reliance and April Moon Retail, but could not get a resolution plan despite two extensions in the deadline for submissions.
The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023.
In the first option, the Prospective Resolution Applicant (PRA) could bid for the acquisition of Future Retail as a whole, including its shareholding interest in its subsidiaries. While under the second option, Future Retail's business has been distributed in five clusters diving business, in which PRAs can bid for "any individual cluster or any combination of clusters." As per the invitation, FRL currently has access to 302 leased retail stores spread across 23 states and Union Territories, consisting of 30 large format stores such as Big Bazaar and FBB stores and 272 small format stores.

In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore but the deal couldn't be closed, as Future's warring partner Amazon went to courts citing violation of some contracts.

Reliance terminates sub-lease of 950 Future stores

Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.

Reliance Retail&nbsp;in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 cr

In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore but the deal couldn't be closed, as Future's warring partner Amazon went to courts citing violation of some contracts.

RIL, Future Group to take on Amazon over stalled deal

Future Retail may challenge the ruling from the Singapore-based arbitrator before Indian legal forums;&nbsp;RIL&nbsp;too intends to complete the transaction without any delay

RIL, Future Group respond to Amazon-invoked arbitration ruling

Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums. The company also said that&nbsp;Future Retail Ltd&nbsp;is not a party to the agreement under which Amazon has invoked arbitration proceedings.&nbsp;
Meanwhile, RIL&nbsp;said it intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay. The&nbsp;Reliance-Future Retail deal has been done under proper legal advice and the rights and obligations are fully enforceable under Indian Law, RIL&nbsp;said in an exchange filing.

Future-RIL deal on hold; favourable ruling for Amazon

The Future-Reliance deal has been put on hold by a Singapore-based arbitration panel; favourable ruling for Amazon

Amazon Inc has won an interim award against its partner Future Group selling retail business to Reliance Industries after a Singapore-based arbitration panel put the deal on hold.
The e-commerce giant had dragged Future to arbitration after the indebted Kishore Biyani group firm signed pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance&nbsp;for ₹24,713 crore.
Amazon had purchased 49% in one of Future's unlisted firms last year with the right to buy into Future Retail Ltd after a period of three years to 10 years. It believes Future Group violated the contract by entering into the deal with rival Reliance.

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