NCLT to hear Amazon plea to intervene in FRL insolvency on Friday

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    MUMBAI : The Mumbai bench of the National Company Law Tribunal (NCLT) on Monday said it will hear the maintainability of Inc.’s intervention application that opposed Bank of India’s insolvency petition against Future Retail Ltd (FRL).

    “We will first decide on the maintainability of Amazon’s petition and then take up the insolvency petition,” a bench led by Justice Pradeep Narhari Deshmukh said.

    The bench has posted the matter for further hearing on Friday.

    On 14 April, Bank of India, the lead banker of the lender consortium to the retailer, filed the petition before the NCLT to initiate insolvency proceedings against FRL.

    Amazon, however, had filed an intervention application and asked the court to make it a party in the matter.

    It filed a petition that essentially opposed the insolvency petition alleging that the consortium of 26 banks had colluded with the Future Group to obstruct and deny Amazon of its rights.

    Ravi Kadam, senior counsel representing Bank of India, opposed Amazon’s petition on the matter, terming it as a “useless” application.

    On Monday, while objecting the maintainability of Amazon’s petition, Kadam reiterated that Amazon should not be allowed to intervene in the matter and refused to respond on any of the application by a third party(Amazon).

    He also added that Amazon’s application was an attempt to delay the insolvency proceedings against FRL.

    The senior counsel also informed the tribunal that the lender had also filed an injunction against the disposal of Future Group’s assets.

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