# In the matter of Future Retail Limited

> NCLT judgment dated 2024-05-01. Citation: TCN-2024-NCLT-01490. The case involves an application (IA No. 5742 of 2023) filed by Dheeraj Reddy Jinna, a…

- **Court:** NCLT
- **Order date:** 1 May 2024
- **Citation:** TCN-2024-NCLT-01490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/future-retail-limited-077d565e

## Summary

### Background

The case involves an application (IA No. 5742 of 2023) filed by Dheeraj Reddy Jinna, a Prospective Resolution Applicant (PRA) in the Corporate Insolvency Resolution Process (CIRP) of Future Retail Limited (Corporate Debtor). The applicant sought directions from the NCLT to compel the Resolution Professional (RP), Vijay Kumar V Iyer, to share necessary information and provide access to the data room to enable the applicant to submit a resolution plan with a financial proposal. The applicant also requested that the liquidation application filed by the RP be kept in abeyance pending the disposal of the interlocutory application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Future Retail Limited was initiated on 20.07.2022 following an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. After the initiation of CIRP, a Form-G was published on 04.10.2022, inviting Expression of Interest (Eol) from potential resolution applicants, with a submission deadline of 20.10.2022. Dheeraj Reddy Jinna, the applicant, expressed interest in submitting a resolution plan via email on 20.10.2022. The RP reissued Form-G on 23.03.2023, setting a new Eol submission deadline of 07.04.2023. The applicant sent an email on 05.04.2023, attaching a copy of Eol and a joint undertaking under Section 29A. The applicant objected to the inclusion of "Reliance Retail Ventures

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## Issues and analysis

### Issue 1: Whether the Respondent/RP adequately provided the Applicant with the necessary information and …

**Ratio:** The principle is that a resolution applicant should have access to necessary information

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**Reasoning:** The NCLT considered the arguments from both sides and found that the RP had provided

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**Interpretation:** This issue involves the interpretation of the duties of the RP to provide

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**Application:** In this specific case, the NCLT found that the RP had provided access to the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Dheeraj Reddy…
- **Respondents:** Future Retail…; Vijay Kumar…
- **Advocates:** Aniruth Purusotham…; Rishabh J…; +1 more

## Timeline

- **2022-07-20 — CIRP Init…**: CIRP of Future Retail Limited initiated…
- **2022-10-04 — Form-G Publ…**: Publication of Form-G inviting Expression of Interest (Eol) from potential resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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