Most Future Enterprises lenders back Avil Menezes as resolution professional

A majority of Future Enterprises (FEL) lenders voted to appoint Avil Menezes as the resolution professional (RP) for the bankrupt company, said people aware of the development.

The National Company Law Tribunal (NCLT) had appointed Jitender Kothari as the interim resolution professional (IRP) in February when FEL was admitted for corporate insolvency on a petition by Foresight Innovations, an operational creditor.

Last month, 67% of the lenders voted on a resolution to appoint Menezes, while 20% abstained from voting and 13% voted to retain Kothari as the RP, the people said.


Following the voting, on June 14, lenders filed a petition with the NCLT to appoint Menezes. The NCLT, on June 22, reserved the order on the matter.

Menezes did not respond to ET's request for comment. He has been appointed either as the RP or IRP or the liquidator for 39 companies, according to the website of the Insolvency and Bankruptcy Board of India. Lenders wanted to change the tribunal-appointed IRP and had invited technical and financial bids for the RP post. Tribunals appoint IRP when a case is admitted for corporate insolvency on an operational creditor's petition.