off-the-wire

India tribunal allows bankruptcy proceedings against Future Lifestyle

Kitco Media
By Reuters
Published:
Updated:
Reuters

MUMBAI, May 4 (Reuters) - A company court on Thursday admitted Bank of India Ltd's (BOI.NS) petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd (FLFL.NS) on an alleged loan default of 4.96 billion rupees ($60.69 million).

The National Company Law Tribunal (NCLT), while pronouncing the order, also approved the appointment of Ravi Sethia as an Interim Resolution Professional, Future Lifestyle said in an exchange filing.

Future Lifestyle is the flagship fashion business of the debt-laden Future Group.

The NCLT has already initiated insolvency proceedings against the Group's flagship retail business Future Retail for non-payment of dues.

($1 = 81.7300 Indian rupees)

Reporting by Siddhi Nayak; Editing by Janane Venkatraman
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.