Future Retail insolvency case adjourned to Tuesday

Future Retail insolvency case adjourned to Tuesday

11 Jun    Finance News

The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday adjourned the insolvency proceeding against Future Retail (FRL) till Tuesday.

The tribunal was hearing the intervention plea filed by e-commerce major Amazon. The Jeff Bezos-led company filed the intervention plea in the insolvency petition filed by Bank of India against Future Retail.

Bank of India had moved the NCLT in April to recover the debt of Rs 1,441 crore from Future Retail. The total exposure of banks to FRL is estimated to be at about Rs 17,000 crore. The figure could climb to as high as Rs 25,000 crore if debt defaults continue, some of its creditors had earlier informed the court.

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