NCLT reserves one of the 3 petitions filed against Future Lifestyle

14 Sep 2022 , 03:04 PM

Debt-ridden Future Lifestyle Fashions Ltd. (FLFL) is facing three petitions from creditors to commence insolvency proceedings before the NCLT, one of which has been reserved for orders, according to the Future Group.

According to FLFL’s statement on other proceedings under the Insolvency and Bankruptcy Code, three creditors – two financial and one operational – have filed claims aggregating roughly Rs1,100 crore before the National Company Law Tribunal (NCLT).

FLFL stated that the company is defending all claims before NCLT, and none of them has been admitted so far by NCLT.

Bank of India has filed a petition under section 7 of the IBC claiming a default of Rs495.91 crore. Catalyst Trusteeship Ltd, another financial creditor, has filed a claim with the NCLT for Rs451.98 crore.

Lotus Lifespaces LLP, an operating creditor of FLFL, has also filed a section 9 claim, claiming a default of Rs150.37 crore.

The Bank of India petition was scheduled for hearing on September 12, 2022, with the next hearing date on October 11, 2022. However, the NCLT has reserved its decision on the petition submitted by Catalyst Trusteeship, according to the statement.

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