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Informist, Wednesday, Jul. 8, 2026

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal Wednesday admitted Resurgent India Special Situations Fund's plea to start insolvency proceedings against Future Consumer Ltd., a Future Group company, for unpaid dues of INR 2.64 billion. The tribunal appointed Aegis Resolution Services Pvt. Ltd. as the interim resolution professional of Future Consumer to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.

 

The tribunal prohibited any institution of suits or continuation of pending suits against Future Consumer, including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority. It restrained Future Consumer from transferring, encumbering, alienating or disposing of any of its assets or any legal right or beneficial interest therein.

 

Resurgent India has been able to substantiate the existence of a financial debt due and payable by Future Consumer, which remained unpaid, said the tribunal. The debt owed by Future Consumer to Resurgent India falls within the definition of "financial debt" under the Insolvency and Bankruptcy Code, 2016, said the tribunal.

 

The case has its genesis from Future Consumer issuing 2,000 fully secured, redeemable, transferable and interest-bearing non-convertible debentures having a face value of INR 100,000 each for an aggregate amount of up to INR 2 billion to CDC Emerging Markets, the original debenture holder. Future Consumer had appointed Catalyst Trusteeship Ltd. to act as the trustee for and on behalf of and for the benefit of the original debenture holder. 

 

Thereafter, the original debenture holder sold the ownership of debentures to Resurgent India. Future Consumer had deliberately failed and neglected to pay the amount due and payable under the debenture trust deed, said Resurgent India, seeking insolvency proceedings against the corporate debtor. 

 

Future Consumer said it is making all efforts to repay its obligations, in fact, the Future group is also aggressively pursuing an arbitration against its joint venture partner which may result in recovery of a substantial amount. Future Consumer is a running entity having employees and, therefore, no fruitful purpose would be served if the same is subjected to insolvency proceedings, it said.

 

Earlier, the tribunal had admitted insolvency proceedings against various Future Group companies. These include Future Retail Ltd., Future Enterprises Ltd., Future Supply Chain Solutions Ltd. and Future Brands Ltd. Future Consumer is engaged in the business of sourcing, manufacturing, branding, marketing and distribution of Fast-Moving Consumer Goods, food and processed food products in urban and rural India. The company's product categories include food, home care and personal care and beauty.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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