NCLT orders liquidation of Biyani-led Future Retail as resolution eludes

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NCLT orders liquidation of Biyani-led Future Retail as resolution eludes - Business Standard

Quick Summary:

The National Company Law Tribunal on Monday allowed the liquidation of Kishore Biyani-led Future Retail as the maximum period of the corporate insolvency resolution process (CIRP) has expired with no resolution plan approved by the lenders.

The tribunal, led by Anil Raj Chellan and Kuldip Kumar Kareer, in the order said, "Looking at the application and averments made therein, it is evident that the maximum period of the CIRP has expired and no Resolution Plan has been approved by the CoC.

Therefore, we hereby order the liquidation of the Corporate Debtor".