The National Company Law Appellate Tribunal has directed the prompt conclusion of insolvency proceedings for Future Lifestyle Fashion, demanding a resolution within three months. This order follows the rejection of an appeal by an operational creditor.
A two-member bench, comprising Justice Yogesh Khanna and Ajai Das Mehrotra, emphasized the need for swift action by the Resolution Professional and the National Company Law Tribunal (NCLT), as the time mandated by the Insolvency & Bankruptcy Code (IBC) has already been exceeded.
The proceedings stem from a petition by Bank of India, with significant business operations linked to the leased property in question. The tribunal highlighted the necessity of the property for the continuity…