The National Company Law Tribunal (NCLT) has on Friday admitted bankruptcy claims against Future Supply Chain Solutions Ltd (FSCSL).
Future Group company FSCSL said in a regulatory filing that the NCLT’s Mumbai judge had allowed a plea by dhl E-commerce (India) Pvt Ltd, alleging breach of contract.
“The NCLT today announced its order, dated January 5, 2023, allowing the admission of the above-mentioned petition filed by dhl E-commerce (India) Private Limited for default in payment of outstanding amounts due to operational creditors,” the regulatory filing said.
dhl Ecommerce has entered a defense as an operating creditor under the Insolvency and Bankruptcy Code (IBC).
In addition to this, FSCSL is also facing insolvency filings from two other operating creditors – Best Roadways Ltd and Leap India Pvt Ltd – ahead of NCLT.
In November, both had hinted ahead of time to request payment from the company.
FSCSL operates warehouses nationwide. In Nagpur, FSCSL has one of the largest and most automated distribution centers in India.
It will be the second company in Kishore Biyani’s Future Group, after Future Retail Ltd (FRL), which faces insolvency proceedings.
NCLT has directed the commencement of Corporate Insolvency Resolution Procedure (CIRP) against FRL on July 20, 2022, admitting the request made by the Bank of India.
Earlier on Friday, Future Lifestyle Fashions Ltd also informed the BSE in a regulatory update that it faced three petitions before the NCLT Mumbai judge.
“…companies are defending them before NCLT against claims made against them under the Code (IBC) before NCLT. To date, none of them has been admitted,” it said.
FSCSL is part of a group of 19 companies operating in retail, wholesale, logistics and warehousing that were supposed to be transferred to Reliance Retail as part of a Rs 2,471.3 crore deal announced in August 2020.
The deal was canceled in April by Reliance Industries Ltd, led by billionaire Mukesh Ambani. Since then, Future Group companies have repeatedly defaulted on payments.
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