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Future Group Kishore Biyani
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 Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter. 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. "We are of the considered opinion that this is a fit case for liquidation. Therefore, we hereby order the liquidation of the Corporate Debtor." The decision comes after the resolution professional, Vijaykumar V Iyer, failed to get any resolution applicants to turn around the insolvent company. In November 2023, the resolution professional of Future Retail filed an application before NCLT Mumbai, seeking liquidation o
Future Enterprises has received a three-month extension from the Registrar of Companies for holding its annual general meeting, a regulatory filing by the debt-ridden firm said. The Registrar of Companies, Mumbai, through a letter dated September 21, 2022, has accorded its approval to the company granting an extension for three months for holding the AGM of the company before December 31, 2022. "Accordingly, the aforesaid AGM of the Company would be held within the extended timeline," said FEL in late night filing on Wednesday. Earlier this month, another Future group firm - Future Lifestyle Fashions - had got a three-month extension for conducting its AGM. Section 96 of the Companies Act, 2013, mandates a company to hold AGM every year, within six months from the date of closing of the financial year. Moreover, there should not be a gap of more than 15 months between the two AGMs. However, the section also empowers RoC to extend by a period not exceeding three months, upon ...