NCLAT Sets Tight Deadline for Future Lifestyle Fashion
The National Company Law Appellate Tribunal’s (NCLAT) order to finalize insolvency proceedings for Future Lifestyle Fashion (FLFL) within a strict three-month timeframe is a critical moment, adding urgency to the resolution process. The tribunal dismissed an appeal from an operational creditor while confirming the Resolution Professional’s (RP) continued possession of essential leased property. This timeline is pressing because FLFL’s Corporate Insolvency Resolution Process (CIRP), initiated by the Mumbai NCLT on May 4, 2023, following a petition from Bank of India, has already gone beyond the time limits set by the Insolvency & Bankruptcy Code (IBC). The need to conclude…