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Informist, Wednesday, Jun. 17, 2026

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal has admitted Union Bank of India's plea to start insolvency proceedings against Future Brands Ltd., part of Kishore Biyani's Future Group. Union Bank of India claimed dues INR 1.14 billion from Future Brands. 

 

The tribunal appointed Kanak Jani as the interim resolution professional of Future Brands to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. It directed a moratorium against Future Brands under Section 14 of the 2016 Code.

 

Future Brands had approached Union Bank of India, seeking sanction of a term loan facility for part financing the acquisition of certain brands, development of brands, and payment of advance and deposit for print and outdoor media. The total debt requirement of Future Brands was INR 5.40 billion. Based on the request of Future Brands, Union Bank of India sanctioned a term loan of INR 2.60 billion in 2019.

 

Thereafter, Union Bank of India agreed to restructuring of the existing facility under the 'Resolution Framework for COVID-19 related Stress' in 2020 on a request by the company. The bank issued a sanction letter approving restructuring by way of funded interest term loan facilities aggregating INR 3.00 billion. 

 

Future Brands has failed to maintain financial discipline and defaulted in making payments despite multiple reminders and opportunities granted by the bank and other consortium lenders, Union Bank of India said. As a result, the one-time restructuring was also cancelled, the bank added. It issued a recall notice to Future Brands in 2022, demanding repayment of the entire outstanding, but the company failed to make the payment. Consequently, Union Bank of India moved the tribunal to start insolvency proceedings against Future Brands.

 

Earlier, the tribunal had admitted insolvency proceedings against various Future Group companies. These include Future Retail Ltd., Future Enterprises Ltd., and Future Supply Chain Solutions Ltd. Future Brands is engaged in the business of brand consulting and management, including the development and implementation of brand and marketing strategies to assist businesses in enhancing growth and visibility. 

 

At 1320 IST, shares of Union Bank of India were up 0.9% at INR 172.15 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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