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Future Retail’s Insolvency: NCLT Reserves Order

The Mumbai bench of the National Company Law Tribunal on Monday reserved its order on the insolvency application against Future Retail Ltd.

The Kishore Biyani Group company has defaulted on payments to its lenders, prompting initiation of insolvency proceedings by Bank of India. NV Investment Holdings LLC has opposed the insolvency application. Future Retail, too, has made arguments against admission to bankruptcy.

Counsel for the creditors, however, has maintained that the two basic requirements of an insolvency application under IBC are the existence of debt and default–both parameters are undisputed in Future Retail’s case. And hence, there aren’t any grounds for objection. Bloomberg

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