# Resurgent India Special Situations Fund vs. Future Consumer Limited

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00617. Resurgent India Special Situations Fund (Financial Creditor) filed an application under Section…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/resurgent-india-special-situations-fund-vs-future-consumer-limited-8j92d

## Summary

### Background

Resurgent India Special Situations Fund (Financial Creditor) filed an application under Section 7 of the IBC against Future Consumer Limited (Corporate Debtor) for initiating CIRP due to a default of Rs. 263.77 Crores. The debt arose from the issuance of 2,000 non-convertible debentures aggregating to Rs. 200 Crores, initially subscribed by CDC Emerging Markets Limited, and later acquired by the Applicant through a Debenture Purchase Agreement. The debentures were secured by various means, including mortgage, hypothecation, pledge of shares, and a personal guarantee.

## Facts

Resurgent India Special Situations Fund (Applicant/Financial Creditor) filed an application (C.P. (IB) No.914/MB/2025) under Section 7 of the IBC against Future Consumer Limited (Corporate Debtor) on 20.08.2025.

The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Future Consumer Limited.

The Applicant is a special situations fund registered as a Category I Alternative Investment Fund, represented by its investment manager, Resurgent Asset Management LLP.

Future Consumer Limited is a listed entity of the Future Group, engaged in sourcing, manufacturing, branding, marketing, and distribution of FMCG, food, and processed food products.

The total amount claimed to be in default by the Applicant is Rs. 263,77,00,000/- as on 30.06.2025.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and default by Future Consumer Limited to Resurgent India …

**Ratio:** A financial debt and default exceeding the threshold limit of Rs. 1 Crore exists, as

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**Reasoning:** The Corporate Debtor issued 2,000 non-convertible debentures aggregating to Rs. 200

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**Interpretation:** Money raised through the issuance of bonds, notes, debentures, or similar

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**Application:** The Applicant successfully substantiated the existence of a financial debt due

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Resurgent India…
- **Respondents:** Future Consumer…
- **Other parties:** Committee of…; CDC Emerging…; +1 more
- **Advocates:** Akshay P…; Trisha G…; +5 more

## Timeline

- **2018-02-13 — Initial Debenture…**: Final Term Sheet, Debenture Trustee Appointment Agreement, Debenture Trust Deed, and Deed…
- **2018-03-01 — Personal Gu…**: Personal Guarantee issued by Mr. Kishore…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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