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Future Retail RP files for liquidation in NCLT
November 11, 2023
|Mint Mumbai
The resolution professional (RP) of Future Retail Ltd (FRL) on Friday filed for liquidation, marking an inglorious end for the company that once led India’s retail revolution.
On 30 September, creditors had rejected a resolution plan submitted by sole bidder Space Mantra Pvt. Ltd.
A Press Trust of India report at the time pegged the bid at ₹550 crore, adding it was close to the company’s liquidation value.
“…the resolution professional has filed an application before the National Company Law Tribunal (NCLT), Mumbai bench, for initiation of liquidation of FRL under Section 33 of the Insolvency and Bankruptcy Code, 2016 on 9 November," the company said in a statement to the stock exchanges.
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