NEW DELHI: Kishore Biyani has stepped down as chairman of the suspended board of the personal debt-ridden Upcoming Retail, which is presently dealing with insolvency proceedings.
Biyani has “tendered a letter of his resignation from the place of the ‘executive chairman and director’ of the corporation,” reported Foreseeable future Retail in a regulatory submitting.
His resignation “shall be positioned ahead of the Committee of Creditors, as for every the Insolvency and Personal bankruptcy Code, 2016”, the company added.
The resolution skilled of Upcoming Retail Ltd (FRL) been given intimation through an e-mail on January 24, 2023.
“Nothing herein ought to be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on information and facts handover,” it extra.
FRL was dragged into insolvency proceedings by its financial institution Financial institution of India after it defaulted on loans.
Its loan companies turned down a Rs 24,713-crore takeover of the 19 Future team firms, which includes FRL, by Reliance amid a authorized obstacle by Amazon.
Biyani has “tendered a letter of his resignation from the place of the ‘executive chairman and director’ of the corporation,” reported Foreseeable future Retail in a regulatory submitting.
His resignation “shall be positioned ahead of the Committee of Creditors, as for every the Insolvency and Personal bankruptcy Code, 2016”, the company added.
The resolution skilled of Upcoming Retail Ltd (FRL) been given intimation through an e-mail on January 24, 2023.
“Nothing herein ought to be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on information and facts handover,” it extra.
FRL was dragged into insolvency proceedings by its financial institution Financial institution of India after it defaulted on loans.
Its loan companies turned down a Rs 24,713-crore takeover of the 19 Future team firms, which includes FRL, by Reliance amid a authorized obstacle by Amazon.