NCLT admits insolvency plea filed by DHL E- Commerce (India) against Future Supply Chain
The National Company Law Tribunal (in short NCLT), Mumbai bench admitted the insolvency plea filed by DHL E-commerce (India)
NCLT admits insolvency plea filed by DHL E- Commerce (India) against Future Supply Chain
The National Company Law Tribunal (in short NCLT), Mumbai bench admitted the insolvency plea filed by DHL E-commerce (India) Private limited against the Future Supply Chain Solutions Ltd. (in short FSCSL) which is a part of Future Group firm claiming default.
The regulatory filing stated, "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."
Under the provisions of the Insolvency and Bankruptcy Code the DHL E-commerce has filed the plea as an operational creditor. The FSCSL is facing insolvency petitions filed before the NCLT, by two other operational creditors- Best Roadways Ltd and Leap India Pvt Ltd. In last year November, both the operational creditors had served advance intimation of filing an application against the company for their payments.
FSCSL currently operates warehouses across the country and in Nagpur it has one of the largest and greatest highly-automated distribution centers in India.
This would in turn me to be the second firm of the Kishore Biyani led Future Group, after Future Retail Ltd (FRL), which would be facing insolvency proceedings.
In July, 2022 the NCLT had ordered to initiate Corporate Insolvency Resolution Process (in short CIRP) against FRL, admitting a plea filed by Bank of India.
On 6 January, 2023 in a regulatory update the Future Lifestyle Fashions Ltd informed Bombay Stock Exchange (in short BSE) that it is facing three petitions before the NCLT Mumbai bench.
The regulatory update stated, "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."
FSCSL was also part of the 19 group companies operating in retail, wholesale, logistics and warehousing divisions which were ought to have been transferred to Reliance Retail as part of a Rs. 24,713 crore deal announced in August 2020.
The deal was cancelled by the billionaire Mukesh Ambani led Reliance Industries Ltd in April after that Future group companies had several defaults on payments.