The Applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the Respondent to contribute INR 14.70 Crores to meet the critical costs of the Corporate Debtor up to March 31, 2024. This amount was intended to be construed as interim finance in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.
Mr. Vijaykumar V. Iyer, the Resolution Professional for Future Retail Limited, filed an interlocutory application (I.A. No. 1152 of 2024) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction from the National Company Law Tribunal (NCLT), Mumbai Bench. The application requested the Committee of Creditors (CoC) of Future Retail Limited to contribute INR 14.70 Crores to meet the critical costs of the Corporate Debtor (Future Retail Limited) until March 31, 2024, to be considered interim finance. However, the NCLT had already ordered the Corporate Debtor into liquidation on 29.07.2024, effectively ending the CIRP. The NCLT appointed a liquidator, Mr. Sanjay Gupta, to manage the liquidation process. The NCLT found that the application had
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Period up to which the applicant sought…
Tribunal passed an…
The Applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the Respondent to contribute INR 14.70 Crores to meet the critical costs of the Corporate Debtor up to March 31, 2024. This amount was intended to be construed as interim finance in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.
Mr. Vijaykumar V. Iyer, the Resolution Professional for Future Retail Limited, filed an interlocutory application (I.A. No. 1152 of 2024) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction from the National Company Law Tribunal (NCLT), Mumbai Bench. The application requested the Committee of Creditors (CoC) of Future Retail Limited to contribute INR 14.70 Crores to meet the critical costs of the Corporate Debtor (Future Retail Limited) until March 31, 2024, to be considered interim finance. However, the NCLT had already ordered the Corporate Debtor into liquidation on 29.07.2024, effectively ending the CIRP. The NCLT appointed a liquidator, Mr. Sanjay Gupta, to manage the liquidation process. The NCLT found that the application had
…Period up to which the applicant sought…
Tribunal passed an…