NCLT orders insolvency proceedings against Future Retail

The Mumbai bench of National Company Law Tribunal (NCLT) on Wednesday allowed a consortium of lenders, led by Bank of India (BoI), to initiate insolvency proceedings against debt-laden Future Retail. The tribunal also rejected e-commerce major Amazon's objection to BoI's petition. Amazon had alleged that the petition to initiate insolvency proceedings against the Indian retailer was "malicious".