NCLT allows Future Retail more time to file reply to insolvency plea

Amazon moves application, says Future Retail and banks are colluding to deny its rights.

The Mumbai bench of National Company Law Tribunal (NCLT) on Thursday gave Future Retail more time to file its reply to the insolvency petition moved by Bank of India against the company under Section 7 of the Insolvency and Bankruptcy Code (IBC).

Bank of India has sought admission of its insolvency petition against Future Retail and the appointment of an interim resolution professional (IRP). The matter will be next heard on June 6.

Separately, Amazon has moved an intervention application under Section 65 of IBC in the matter—a move that is opposed by Bank of India on the grounds that