The National Company Law Tribunal (NCLT) Mumbai bench has postponed the hearing of a petition filed by Palguntech, a US-based technology consulting company, seeking a stay on the liquidation process of Future Retail (FRL). The tribunal, presiding over the case, has instructed all parties involved to maintain the status quo until the rescheduled hearing on January 4.
Palguntech had approached NCLT in December, urging the tribunal to put FRL’s liquidation application on hold and requesting crucial information about FRL to facilitate a bid for the debt-laden company. Advocate Ketan Gupta from LegalEye Associates represented Palguntech during the hearing.
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Having previously submitted a bid for FRL, Palguntech is keen to prevent the liquidation of the company. FRL’s resolution professional had initiated the liquidation proceedings on October 10 after rejecting the plan presented by SpaceMantra, the sole bidder for FRL, according to the decision of FRL’s Committee of Creditors.
Palguntech’s objective is to avert the potential depletion of FRL’s value through liquidation, emphasizing that such a scenario would significantly undervalue the company compared to the fair price offered through the bidding process. The US-based firm is also advocating for the consideration of its earlier bid placed in May by the resolution professional.
