MUMBAI : The National Company Law Tribunal (NCLT) on Thursday admitted Future Lifestyle Fashions for a corporate insolvency resolution process under Indias insolvency code.
The tribunal appointed Ravi Sethia as the interim resolution professional to take over the management of the company. State-owned Bank of India, the lead financial creditor had moved the NCLT under the Insolvency and Bankruptcy Code after the company defaulted on payments.
A bench led by Justices Shyam Babu Gautam and Kuldip Kumar Kareer admitted the insolvency petition and said that the financial creditor has successfully demonstrated and proved the debt and default in this case.
It is noted that the corporate debtor admits the said outstanding debt. Therefore,…
Read the full article at: https://www.livemint.com/news/india/national-company-law-tribunal-admits-future-lifestyle-fashions-for-corporate-insolvency-resolution-process-under-india-s-insolvency-code-11683223265390.html