Kishore Biyani’s business empire is crumbling, with yet another company filing for bankruptcy. After Future Retail, now Future Enterprises has also been admitted for insolvency resolution. The development comes weeks after the National Company Law Tribunal admitted the insolvency plea against Biyani-backed Future Supply Chain Solutions.
The Mumbai bench of NCLT has ordered “to initiate the Corporate Insolvency Resolution Process”. Now the firm will be auctioned to recover the outstanding amount. to a successful bidder.
The initiation of CIRP also means that the powers of the Board of Directors have been suspended. The responsibilities of company management are now with the resolution professional.
more to come…
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