{"id":81919,"date":"2023-01-07T15:15:00","date_gmt":"2023-01-07T09:45:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=81919"},"modified":"2023-01-07T15:10:58","modified_gmt":"2023-01-07T09:40:58","slug":"biz-nclt-future-supply-chain","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-nclt-future-supply-chain\/","title":{"rendered":"NCLT admits insolvency plea against Future Supply Chain Solution"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-174488604\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL).<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-49891456\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default.<\/p>\n<p>&#8220;NCLT has pronounced its Order today i.e. January 05, 2023, allowing the admission of the said petition of DHL E-commerce (India) Private Limited on for default of outstanding amount payable to operational creditor,&#8221; the regulatory filing said.<\/p>\n<p>DHL Ecommerce has filed the plea as an operational creditor under the Insolvency &amp; Bankruptcy Code (IBC).<\/p><div class=\"trade-content_5\" id=\"trade-2316382645\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Besides, this FSCSL was also facing insolvency petitions filed by two other operational creditors &#8211; Best Roadways Ltd and Leap India Pvt Ltd &#8211; before the NCLT.<\/p>\n<p>In November, both had served an advance intimation of filing an application against the company for their payments.<\/p>\n<p>FSCSL operates warehouses across the country. In Nagpur, FSCSL has one of the largest and most highly-automated distribution centres in India.<\/p>\n<p>This would be the second firm of the Kishore Biyani-led Future Group, after Future Retail Ltd (FRL), which would be facing insolvency proceedings.<\/p>\n<p>The NCLT had on July 20, 2022, directed to initiate Corporate Insolvency Resolution Process (CIRP) against FRL, admitting a plea filed by Bank of India.<\/p>\n<p>Earlier on Friday, Future Lifestyle Fashions Ltd in a regulatory update also informed BSE that it is facing three petitions before the Mumbai bench of NCLT.<\/p><div class=\"trade-content-10\" id=\"trade-140091424\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;&#8230;The matters filed under the Code (IBC) against the Company before the NCLT for their claim and are being defended by the Company before the NCLT. None of them has been admitted till date,&#8221; it said.<\/p>\n<p>FSCSL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.<\/p>\n<p>The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April. After that Future group companies had several defaults on payments. PTI KRH KRH BAL BAL<\/p>\n<div class=\"trade-after-content\" id=\"trade-1031802702\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default. &#8220;NCLT has pronounced its Order today i.e. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":46907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-81919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT admits insolvency plea against Future Supply Chain Solution - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-nclt-future-supply-chain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT admits insolvency plea against Future Supply Chain Solution\" \/>\n<meta property=\"og:description\" content=\"The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). 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