# Bank of India vs. Future Lifestyle Fashions Limited

> NCLT judgment dated 2026-07-09. Citation: TCN-2026-NCLT-00742. The Corporate Insolvency Resolution Process (CIRP) for Future Lifestyle Fashions Limited was…

- **Court:** NCLT
- **Order date:** 9 Jul 2026
- **Citation:** TCN-2026-NCLT-00742
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bank-of-india-vs-future-lifestyle-fashions-limited-37gnh

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Future Lifestyle Fashions Limited was initiated. A resolution plan, though approved by the Committee of Creditors (CoC), was subsequently withdrawn by the Successful Resolution Applicant (SRA). This withdrawal rendered the plan unimplementable and led the CoC to resolve for the liquidation of the Corporate Debtor.

## Facts

Corporate Insolvency Resolution Process (CIRP) of Future Lifestyle Fashions Limited was initiated by the Tribunal vide order dated 04.05.2023 upon admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Mr. Ravi Sethia was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

The Committee of Creditors (CoC) was constituted and later reconstituted on 07.02.2024 vide IA 794 of 2024.

The Resolution Professional, after due consent of the CoC, published 3 Form Gs for Expression of Interest, and several resolution applicants submitted a Resolution Plan.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Future Lifestyle Fashions Limited, should be liquidated under Section …

**Ratio:** Liquidation is warranted when a resolution plan, though approved by the Committee of

…

**Reasoning:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

…

**Interpretation:** Section 33(2) provides a mechanism for liquidation when the Corporate

…

**Application:** The CoC's decision, supported by the required voting majority, to liquidate the

…

## Parties

- **Judges:** SANJIV…; ASHISH…
- **Appellants:** Bank of…; Ravi Se…
- **Respondents:** Future Lifestyle…
- **Other parties:** Committee of…; Sanjay…
- **Advocates:** Rohan A…; Nandita B…; +5 more

## Timeline

- **2023-05-04 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2023-09-12 — Matter Listed…**: The matter was listed on Board, where Ld. Counsel for the Applicant submitted that the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/bank-of-india-vs-future-lifestyle-fashions-limited-37gnh