Future Lifestyle faces 3 insolvency petitions, NCLT reserves order in one
Debt-ridden Future Lifestyle Fashions Ltd (FLFL) is facing three petitions before the NCLT from its creditors to initiate insolvency proceedings and one of them has been reserved for orders, the Future Group firm said on Tuesday. Three creditors - two financial and one operational - have filed claims totalling around Rs 1,100 crore before the National Company Law Tribunal (NCLT), said an update on other matters under the Insolvency and Bankruptcy Code by FLFL. All the claims "are being defended by the company before the NCLT," said FLFL adding "none of them has been admitted till date by NCLT". Public sector lender Bank of India has filed a petition claiming default of Rs 495.91 crore under section 7 of IBC. Another financial creditor Catalyst Trusteeship Ltd has approached NCLT for claims of Rs 451.98 crore. While an operational creditor of FLFL - Lotus Lifespaces LLP - has also approached under section 9, claiming a default of Rs 150.37 crore. "Matter is yet to be heard and the13-09-2022
