NCLT adjourns Future Retail case, pushes it to January 4

NCLT adjourns Future Retail case, pushes it to January 4

The National Company Law Tribunal’s (NCLT) Mumbai bench on Friday adjourned the hearing of a petition filed by US-based technology consulting company Palguntech seeking a stay on Future Retail’s (FRL) liquidation process. The tribunal has also asked the parties to maintain status quo till the next hearing date.

In December, Palguntech had moved NCLT, asking it to keep a liquidation application filed by FRL’s resolution professional in “abeyance”. The firm had also sought “critical information” on FRL to enable it to place a bid for the debt-laden firm.

Palguntech, which had earlier placed a bid for FRL, wants to avoid liquidation of the firm. On October 10, FRL’s resolution professional had sought initiation of liquidation proceedings of FRL, after the plan submitted by SpaceMantra – the only bidder for FRL – was rejected by FRL’s Committee of Creditors.

Palguntech wanted to avoid liquidation as it believed this would deplete FRL’s value and bring it “much below” the fair price offered through the bidding process. The US-based firm also wanted RP to consider its bid placed earlier in May.