Reliance Retail may file claims worth Rs 6,000 crore against Future Retail, which has been admitted into the insolvency process. On Wednesday, a two-judge bench of the National Company Law Tribunal (NCLT) allowed a petition filed by the Bank of India (BoI) and ordered the initiation of the corporate insolvency resolution (CIRP) process against FRL.
It had appointed Vijay Kumar Iyer as the interim resolution professional. BoI had filed the petition under section 7 of Insolvency and Bankruptcy Code (IBC), 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for default.
A media report on Thursday said that Reliance Retail is likely to claim Rs 6,000 crore under the insolvency proceedings of Future Retail and that its claims could include working capital of around Rs 4,800 crore with the rest in unpaid sub-lease rentals.
Citing sources the report added that Reliance Retail will file a claim as an operational creditor after the interim resolution professional invites applications for claims. FRL was part of the 19 group companies operating in retail, wholesale, logistics, and warehousing segments, which were to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.