Future Retail’s resolution professional seeks insolvency deadline extension

The resolution professional of debt-ridden retail business Future Retail Limited has requested the National Company Law Tribunal to grant the business an extension for its insolvency deadline until September 15 this year. The business requested the extension to give it more time to complete its corporate insolvency resolution process (CIRP). 

“The resolution professional of Future Retail Limited has filed an application before [the] National Company Law Tribunal, Mumbai seeking [the] exclusion of a period of 29 days from CIRP of FRL, and consequent extension from August 17, 2023 to September 15, 2023 for concluding the CIRP of FRL,” said the business’ application at the Mumbai bench of the NCLT, the Press Trust of India reported. 
 
If the NCLT approves the application, this would be FRL’s third deadline extension during the ongoing process. The retail business is looking for a buyer but has experienced difficulty in securing one, ET Bureau reported. 

According to India’s Insolvency and Bankruptcy Code, businesses must complete their CIRP within a maximum 330 days and this must include any extensions granted. This includes the time needed for litigation. The CIRP was first launched against FRL on June 20 last year after it defaulted on loans. FRL’s debt is around Rs 30,000 crore.