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NCLT admits Bank of India's insolvency petition against Future Retail

IRP appointed; corporate insolvency resolution process to start against the retailer

Topics
Future Retail | NCLT | Bank of India

Subrata Panda Sharleen D'souza & Peerzada Abrar  |  Mumbai/Bengaluru 



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Generally, a petition moved under Section 7 of IBC should be admitted by the adjudicating authority within 14 days of the application being moved.

The Mumbai Bench of the National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India’s petition under Section 7 of the (IBC) to start proceedings against and appointed an interim resolution professional (IRP) in the matter. It also dismissed the intervention application of e-commerce giant Amazon, which was opposed to Future’s deal with Reliance Retail.

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First Published: Wed, July 20 2022. 16:07 IST

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