India tribunal allows bankruptcy proceedings against Future Lifestyle

Future Lifestyle Fashions

04/05/2023 12:31

MUMBAI, May 4 (Reuters) - A company court on Thursday
admitted Bank of India Ltd's  BOI.NS  petition to begin
insolvency proceedings against Future Lifestyle Fashions Ltd
 FLFL.NS  on an alleged loan default of 4.96 billion rupees
($60.69 million).
    The National Company Law Tribunal (NCLT), while pronouncing
the order, also approved the appointment of Ravi Sethia as an
Interim Resolution Professional, Future Lifestyle said in an
exchange filing.
    Future Lifestyle is the flagship fashion business of the
debt-laden Future Group. 
    The NCLT has already initiated insolvency proceedings
against the Group's flagship retail business Future Retail for
non-payment of dues.

($1 = 81.7300 Indian rupees)

 (Reporting by Siddhi Nayak; Editing by Janane Venkatraman)
 ((Siddhi.Nayak@thomsonreuters.com; +91 22 6921 7848;))