Future Retail to be liquidated as insolvency resolution period ends

NCLT approved liquidation of Kishore Biyani-led Future Retail as the maximum period of corporate insolvency resolution process expired with no resolution plan approved by lenders. Based on a resolution passed by committee of creditors in October, resolution professional had, in November, filed a plea seeking the firm's liquidation. An insolvency plea was filed against Future Retail in April 2022.