Axis Trustee Services Ltd, one of the financial creditors to Future Retail Ltd, has approached the National Company Law Tribunal (NCLT) after the resolution professional rejected its claims worth ₹470 crore out of total claims of ₹1,266 crore. The bankruptcy tribunal is expected to take up the matter by Wednesday.
At an NCLT hearing, Nausher Kohli, appearing on behalf of Axis Trustee, sought an urgent hearing of the application. Kohli said that if the trustee’s remaining claims are admitted, it will become the fifth largest creditor in Future Retail’s ongoing insolvency resolution.
Resolution professional Vijay Kumar Iyer, represented by counsel Rishabh Jaisani, agreed to file a response after a bench led by Justice Shyam Babu Gautam directed him to do so.
In the list of financial creditors, the Bank of New York Mellon has claims of ₹4,660 crore, of which claims of ₹560 crore have not been admitted so far. Out of Union Bank of India’s claims of ₹2,000 crore, claims of ₹223 crore have not been admitted.
The final list for Future Retail’s insolvency resolution process includes 48 resolution applicants, including Reliance Retail, April Moon Retail (a joint venture firm of Adani Airport Holdings and promoters of the Flamingo Group), Jindal Power, JC Flowers Asset Reconstruction, and UV Stressed Asset Management.
One of the counsels tracking the case said on the condition of anonymity that the prospects for resolution under the insolvency process are positive, given that there has been an increase in the number of final bidders.