Future Retail’s creditors seek 90 days extension for concluding insolvency resolution process

Lenders of debt-ridden Future Retail Ltd (FRL) has sought an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company.

The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) “seeking exclusion of a period of 90 days from CIRP of FRL, and consequent extension from April 16, 2023, to July 15, 2023, for concluding the CIRP of FRL.” The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default.