Future Enterprises
Future Enterprises declared insolvent, to be auctioned off
Mumbai: After Future Retail, another Kishore Biyani-owned company, 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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
