NCLT posts Bank of India plea to admit Future Retail to Friday

Mumbai bench of NCLT has adjourned Bank of India's plea to admit Kishore Biyani-promoted Future Retail Ltd (FRL) for insolvency process to Friday.

While adjourning the case, the division bench of PN Deshmukh and KK Vohra said the tribunal will also hear a plea filed by the Amazon.com NV Investment Holding that has sought the dismissal of the lender's petition.

Bank of India initiated resolution process against FRL after it defaulted on a ₹3,495-crore one-time restructuring scheme.


"We have filed a Section 7 petition to admit the company under corporate insolvency resolution process (CIRP)," said senior advocate Ravi Kadam, appearing for the state-owned lender. "Several officers of the company have resigned, and we fear that the books of the company might not be available. Hence, we have also filed a separate injunction application to protect the books and assets of the company."

Kadam also argued that Amazon's plea is not maintainable, and the etailer filed it to delay resolution process of the company.

Zal Andhyarujina, senior advocate appearing for Amazon.com, argued, "There are several Supreme Court and National Company Law Appellate Tribunal judgements which will prove that our application is maintainable."