Kishore Biyani, the executive chairman of the bankrupt Future Retail, has resigned, according to a regulatory filing issued by the business on March 15.
In the midst of continuing bankruptcy procedures, Biyani had submitted his letter of resignation on January 23. As required by the Insolvency and Bankruptcy Act of 2016, the same was presented to the Committee of Creditors.
Future Retail’s exchange filing stated: “In reaction to the aforementioned letter, the resolution professional of the firm has by mail dated 1st February 2023 opposed to the contents of the said letter and the resignation of Mr. Biyani and requested him to recall his resignation letter.
By letter dated March 10, 2023, Biyani has since retracted his resignation.
It continued, “(received by resolution professional through email on March 14, 2023)”.
Once Future Retail stopped making loan payments, its lender, Bank of India, forced company into insolvency proceedings. In the face of a legal challenge from Amazon, its lenders rejected Reliance Industries’ offer to pay Rs 24,713 crore for 19 Future group companies, including FRL.
Last week, Future Retail announced that its resolution specialist has filed a complaint with the National Company Law Tribunal against the company’s past and current directors for creating a loss of Rs 14,809.44 crore to creditors.
Against the current and former directors, the resolution professional requested a directive from the tribunal “to donate the sum to the firm,” Future Retail stated in a regulatory filing on March 10.
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