NCLT extends FRL insolvency proceedings deadline

New Delhi The National Company Law Tribunal (NCLT) has extended the deadline for completion of insolvency proceedings of debt-ridden Future Retail Ltd (FRL) to August 17, 2023.

The Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process (CIRP), the company informed in a regulatory filing. "In furtherance of the above, the NCLT on July 17, 2023, heard the application and granted the said exclusion of 33 days' from CIRP of FRL," said FRL. It further added: "Consequently, the last date for completion of CIRP of FRL is August 17, 2023." According to FRL, this is based on an oral pronouncement by NCLT bench and a written order is awaited.