New Delhi : The NCLT has granted Future Retail Ltd ( FRL ) an extension of 90 days for concluding the Corporate Insolvency Resolution Process ( CIRP ) of the company .
Allowing FRL’s plea , the Mumbai bench of the National Company Law Tribunal ( NCLT ) has extended the dead line to July 15 , 2023 , for including the CIRP of FRL . “
… NCLT on April 13 , 2023 , heard the application and granted the said exclusion of 90 days from CIRP of FRL and cones quant extension for completion of CIRP till July 15 , 2023 , ” said a regulatory filing from the company . This order was pronounced orally by NCLT on April 13 , 2023 , and a ” written or der is awaited ” , FRL added .
The CIRP was initiated against FRL by NCLT on July 20 , 2022 , following loan default .
The Insolvency and Bank raptly Code ( IBC ) time frame for resolution is 330 days , include save of the time taken for litigant tin . As per Section 12 ( 1 ) of the Code , the CIRP shall be completed within a period of 180 days from the date of initiation . However , NCLT may grant a one – time extension of 90 days . The maximum time within which CIRP must be mandatorily completed , in- including any extension or litigation tin period , is 330 days .
Last week , FRL informed that they have received an Ex pression of Interest ( EOI ) from 49 players , including Reliance Re tail , Jindal Power and Adani Group for acquiring the assets of FRL . On March 23 , 2023 , the resolution professional of FRL invited new EOI , where prospective buyers can bid for the debt – rid den firm ” as a going concern or individual cluster or a combination ion of clusters of its assets ” , as it failed to attract a resolution plan in over four months .