The NCLT, Mumbai Bench, has directed the Resolution Professional (RP) of Future Supply Chain Solutions Ltd, owned by Kishore Biyani-led Future Group, to hand over all records, premises, and documents to Reliance Retail Ventures Ltd (RRVL) — the successful resolution applicant — to enable the implementation of the approved resolution plan and restart the company’s operations.
The tribunal stated that RRVL should have access to all necessary records and premises through RP Rajan Rawat to finalise the next steps for restarting operations. The Monitoring Agency has been instructed to oversee the execution of the resolution plan and review the company’s operational performance, according to the order issued by Hariharan Neelakanta Iyer (Member–Technical) and Lakshmi Gurung (Member–Judicial) of NCLT.
“No automatic approval is granted for the reliefs or concessions sought. The resolution applicant must approach the competent authorities and comply with applicable laws, procedures, and payment requirements,” the order noted. The tribunal also clarified that approval of the resolution plan should not be used as a reason to terminate or revoke any existing licenses, consents, or approvals granted to the corporate debtor.
The application for approval of the resolution plan submitted by RRVL—approved by the Committee of Creditors (CoC)—was filed by Resolution Professional Rajan Rawat before the NCLT.
Earlier, based on an application filed by DHL Ecommerce (India) Pvt. Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), the tribunal, on January 5, 2023, admitted Future Supply Chain Solutions Ltd into the Corporate Insolvency Resolution Process (CIRP) and appointed Rajan Rawat as the interim Resolution Professional (IRP).
Out of seven bidders, two submitted resolution plans. Later, one of them withdrew its plan with the CoC’s approval during its 23rd meeting on March 18, 2024, leaving Reliance Retail Ventures Ltd as the sole resolution applicant.
Incorporated in March 2006, FSCSL was a Future Group company with a focus on providing supply chain solutions (for non-agro products) to its group companies (anchor customers) and to outside companies. FSCSL used to provide integrated end-to-end logistics solutions for supply chain management, and offers warehousing and distribution, multi-modal transportation and container freight stations. FSC’s operations were run through 80 distribution centres across India, covering 8.09 million sqft of warehouse space across India.
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