Bankruptcy court admits Bank of India’s insolvency plea against Future Retail

The bankruptcy court on Wednesday admitted the Bank of India’s petition to admit Future Retail Ltd NSE -4.32 % under the Corporate Insolvency Resolution Process (CIRP) and has also appointed Vijay Kumar Iyer as the interim resolution professional (IRP) of the company.

The Mumbai bench of the National Company Law Tribunal (NCLT), presided by Justice PN Deshmukh and Shyam Babu Gautam while admitting the Kishore Biyani promoted Future Retail, also rejected an application filed by Amazon.com NV Investment Holdings that sought dismissal of the lender’s plea to admit the company under insolvency resolution.