NCLT adjourns the insolvency plea against Future Retail to May 12

The Mumbai bench of National Company Law Tribunal (NCLT), on Thursday, adjourned the insolvency proceedings filed against Future Retail by Bank of India (BoI) under Section 7 of Insolvency and Bankruptcy Code (IBC) to May 12 as the former sought time to reply to the bank’s petition. The bankruptcy tribunal later served notice on the corporate debtor for the same. The bench was presided by Justices Pradeep Narhari Deshmukh and Shyam Babu Gautam. Earlier this month, BoI had filed insolvency proceedings against Future Retail for non-payment of dues. The Thursday hearing came against the backdrop of Reliance calling off its proposed ~24,713 crore-deal with Future after secured creditors voted against it. Under the deal, which was announced in August 2020, Future Group was to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures.