New Delhi: The National Company Law Appellate Tribunal (NCLAT) has directed that insolvency proceedings against Future Lifestyle Fashions be concluded within three months, while dismissing an appeal filed by an operational creditor.
A two-member bench comprising Yogesh Khanna and Ajai Das Mehrotra said, “However, we request the Resolution Professional, the NCLT to conclude the proceedings as expeditiously as possible, preferably within three months from today.”
The appellate tribunal observed that the Resolution Professional continues to retain possession of the leased property in question and therefore declined to grant relief sought in the appeal.
Insolvency proceedings against the company were initiated by the National Company Law…