NCLT appoints resolution officer for Future Group's Biyani in IBC case
This story was originally published at 20:27 IST on 31 July 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal on Thursday appointed Jayanti Lal Jain as the resolution professional for Kishore Biyani, an Indian businessman and founder of the Future Group. The tribunal asked Jain to examine the personal insolvency application filed by Jammu & Kashmir Bank and give a report within 10 days.
"The interim-moratorium under Section 96 of the Insolvency and Bankruptcy Code, 2016 has commenced on the date of filing of this application by the financial creditor and will cease to have effect on the date of admission," said the tribunal. The tribunal noted that total outstanding debt in default by Biyani was INR 478.25 million, plus interest.
Jammu & Kashmir Bank had filed the personal insolvency plea against Biyani, who was the personal guarantor of Future Lifestyle Fashion Ltd. The bank had advanced purchase bill discounting credit facility to Future Lifestyle in 2020 for INR 500 million, with interest at the rate of 10.6% per annum.
In 2021, a deed of guarantee was executed by the bank in favour of security trustee Axis Trustee Services with Biyani as guarantor. Though Future Lifestyle was required to make payment of amounts starting from 2022, the company did not pay its dues, said the bank. The loan account of Future Lifestyle was classified as a non-performing asset in the same year.
Thereafter, the personal guarantee was invoked by the bank through a demand notice in 2023 issued to Biyani under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019 demanding payment of unpaid outstanding debt in default.
On Thursday, shares of Jammu & Kashmir Bank ended 1.0% lower at INR 104.12 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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