An operational creditor filed the second plea against Future Enterprises Ltd (Debt-ridden) before the insolvency initiated by NCLT (National Company Law Tribunal). The first petition is filed against Future Enterprises by Retail Detailz India due to a default payment of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT).

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“The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore,” Future Enterprises said in a late evening filing on Tuesday.

“The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore,” Future Enterprises said in a late evening filing on Tuesday. No further date has been allotted so far for hearing the said application, it added.

Foresight Innovation, another operational creditor, had applied to Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016. The default amount of Rs 1.58 crore before the Mumbai bench of NCLT. 26 August (tomorrow) is the next hearing date of this petition.
On Tuesday (23 August), Chandrapraksh Toshniwal, Non-Executive Director, resigned from the board of directors.

RIL (Reliance Industries Ltd) was called off this deal in April. Future Enterprises was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments which were supposed to be transferred to Reliance Retail in August 2020.

Recently, the company has made several default interest payments on its non-convertible debentures. Future Group firm name Future Retail Ltd NCLT initiated insolvency proceedings.