NCLT admits Bank of India’s insolvency plea against Future Retail

The Mumbai bench of the NCLT has allowed the initiation of insolvency proceedings against Kishore Biyani Group company Future Retail Ltd NSE -4.32 %. In April this year, the Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments.

Vijay Kumar Iyer has been appointed as the interim resolution professional (IRP) of the company.