Future Enterprises declared insolvent, to be auctioned off
Mumbai: After Future Retail, another Kishore Biyani-owned Future Enterprises has been admitted to insolvency resolution and will be auctioned off in order to collect outstanding debts, a report in the media said.
According to a regulatory filing, the Mumbai bench of the National Company Law Tribunal issued an order on March 7th to start the corporate insolvency resolution process (CIRP).
A resolution professional has been appointed by the NCLT to oversee the operations of the company until it is sold to a qualified buyer.
Following the start of the CIRP, the authority of the board of directors has been suspended and the management of the company is now under the control of the resolution professional, as stated in the regulatory filing.
Foresight Innovations Pvt Ltd, a supplier based in New Delhi, filed a petition that led to the insolvency order. The petition claimed that Future Enterprises had defaulted on a payment of Rs 1.58 crore.
Additionally, another operational creditor, Retail Detailz India, had also filed a petition stating that Future Enterprises had defaulted on a payment of Rs 4.02 crore.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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