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 Insolvency and Bankruptcy Code (IBC) to start proceedings against Future Retail 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.
In the order, the Bench, presided over by Justice Pradeep Narhari Deshmukh and Shyam Babu Gautam, said, “(The) Bench is of the view that the existence of debt and default has been proved … we hereby appoint Vijay Kumar
First Published: Jul 20 2022 | 4:07 PM IST