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NCLT orders insolvency proceedings against Future Retail
short by Anmol Sharma / on Thursday, 21 July, 2022
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".
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