FRL: NCLT to hear Amazon’s plea opposing insolvency proceedings on June 10

The National Company Law Tribunal (NCLT) will hear Amazon’s petition opposing initiation of insolvency resolution proceedings against debt-ridden Future Retail Ltd on June 10.

A plea seeking initiation of insolvency resolution proceedings against FRL was filed by Bank of India (BoI), the lead banker in the consortium of lenders to the company.

On Monday, the Mumbai bench of the tribunal held a virtual hearing in the matter. BoI’s petition is yet to be admitted.

Against this backdrop, the tribunal on Monday said it will hear Amazon’s petition on June 10.

On May 12, Amazon had filed an intervention application under Section 65 of the Insolvency and Bankruptcy Code that deals with provisions relating to penalty for fraudulent or malicious initiation of proceedings.