Future Group: Future Retail resolution professional moves NCLT against Kishore Biyani

The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT. "RP of FRL has filed an application before National Company Law Tribunal, Mumbai, against certain persons, to seek avoidance of transaction under the applicable provisions of the Insolvency & Bankruptcy Code 2016," it said. As per the disclosure, the estimated amount involved is Rs 40.53 lakh. The report has also named one entity ...