Future Group’s retail arm to face insolvency proceedings amid its tussle with Amazon
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Trouble doesn’t seem to be ending anytime soon for India’s Kishore Biyani-led Future Group.
A court yesterday (July 20) ordered the initiation of insolvency proceedings against Future Retail, its retail arm. The order (pdf) by the National Company Law Tribunal (NCLT) came on the petition filed by the Bank of India and will allow its creditors to find a new owner for the firm.
It must be noted that Future Retail, once India’s second-largest retail chain, is in soup over its business deals with Reliance Industries (RIL) and Amazon India.
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