The Corporate Insolvency Resolution Process (CIRP) against FSCSL was initiated on January 5, 2023 following a petition filed by DHL Ecommerce (India) Pvt. Ltd. under Section 9 of IBC.
Rajan Rawat was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP).
After several rounds of reconstitution and extensions, the Committee of Creditors (CoC) comprising Azim Premji Trust, IDFC First Bank, JC Flowers ARC, State Bank of India, Goraj Automation Pvt. Ltd. and Siemens Factoring Pvt. Ltd. approved Reliance Retail’s resolution plan with 91.76% votes in favour in its 37th meeting held on March 4 this year.