FRL fails to get revival plan, lenders to decide further course of action

Future Retail has failed to get a plan for revival, it said in its stock exchange filing. It further said that lenders would decide on the further course of action.

The stock exchange filing said, “On February 20, 2023, no resolution plans were received by RP (resolution professional).”

The date of submission of the resolution plans for the company was February 20 after subsequent extensions were granted by the lenders, the company said.

The matter was put before the Committee of Creditors on February 21 and February 24 and the meeting stood adjourned.  

The Mumbai-bench of National Company Law Tribunal (NCLT) in July admitted the Bank of India’s petition under Section 7 of Insolvency and Bankruptcy Code (IBC) to start insolvency proceedings against Future Retail and also appointed an interim resolution professional.