NCLT gives 90 days more to Future Retail for insolvency

New Delhi, April 14

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The NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company.

Allowing FRL’s plea, the Mumbai Bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL.

“… NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023,” said a regulatory filing from the company. — PTI

IBC time frame

• As per IBC time frame, the Corporate Insolvency Resolution Process shall be completed within 180 days from the date of initiation
• However, NCLT may grant a one-time extension of 90 days