The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted a petition filed by Resurgent India Special Situations Fund to initiate the Corporate Insolvency Resolution Process (CIRP) against Future Consumer Limited. The petition, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, relates to a default on non-convertible debentures amounting to ₹263.77 crore as of June 30, 2025. The NCLT order, dated July 8, 2026, was uploaded on the NCLT web portal on the same day. The financial creditor, Resurgent India Special Situations Fund, highlighted that Future Consumer Limited had issued 2,000 senior, fully secured, redeemable, transferable, and interest-bearing non-convertible debentures aggregating to ₹200 crore. These debentures were secured by a mortgage over properties, hypothecation of the 'Golden Harvest' brand, and a personal guarantee from Mr. Kishore Biyani. Future Consumer Limited, in its defense, argued that its business was impacted by the COVID-19 pandemic and that a proposed scheme of arrangement with Reliance Retail Ventures Limited could not be implemented due to litigation. The company also highlighted ongoing arbitration with a joint venture partner for a potential recovery of funds and contended that it is not a Non-Banking Financial Company (NBFC) as its principal business is in the FMCG and food sector. Despite the company's arguments, the NCLT admitted the insolvency petition, marking a significant development for the company.
