MUMBAI: Axis Trustee Services Ltd, one of the financial creditors of Future Retail Ltd, has approached the National Company Law Tribunal (NCLT) after the resolution professional rejected its claims. 470 crores out of total claims 1,266 crores. The bankruptcy tribunal is expected to take up the matter by Wednesday.
In the NCLT hearing, Nausher Kohli, appearing for Axis Trustee sought urgent hearing of the application. Kohli said that if the remaining claims of the trustee are accepted, it will become the fifth largest creditor in the ongoing insolvency resolution of Future Retail.
Resolution professional Vijay Kumar Iyer, represented by advocate Rishabh Jaisani, agreed to file the reply after a bench headed by Justice Shyam Babu Gautam directed it to do so.
In the list of financial creditors, Bank of New York Mellon claims 4,660 crore, of which claims of 560 crores have not yet been recruited. Of the claims of Union Bank of India 2,000 crore, claims 223 crores have not been recruited.
The final list for the insolvency resolution process of Future Retail includes 48 resolution applicants, including Reliance Retail, April Moon Retail (a joint venture firm of Adani Airport Holdings and promoters of Flamingo Group), Jindal Power, JC Flower Asset Reconstruction and UV Stressed Assets included. management.
One of the lawyers tracking the case said on condition of anonymity that the prospects for a resolution under the insolvency process are positive, given that the number of final bidders has increased.
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