Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal
News 18The Mumbai Bench of the National Company Law Tribunal on October 18 allowed Reliance to go ahead with seeking creditors’ nod, CNBC-TV18 reported. Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, had moved the NCLT and sought permission to proceed with seeking creditors’ nod for reorganising companies in lieu of the proposed Future-Retail Deal. Last month, on September 28, NCLT Mumbai had passed an order, inter-alia, allowing the Future Group permission to meet with its shareholders and creditors for the purpose of seeking approval for the sale of its assets to Reliance Retail Ltd. Both the Future Group and Reliance had announced in August 2021 that Reliance Retail will acquire the wholesale, retail, logistics, and warehousing businesses from Kishore Biyani’s Future Group for Rs 24,713 crore. After RRVL announced the acquisition of Future Group’s retail and wholesale assets and the logistics and warehousing businesses by way of a slump sale, Amazon, which had acquired a 49 per cent stake in Future Retail’s promoter entity Future Coupons in December 2019, said the deal went against its agreement with the Future Group.