The Mumbai bench of the National Company Law Tribunal today dismissed an insolvency petition filed by Catalyst Trusteeship Ltd against Future Lifestyle Fashions Ltd.
Catalyst Trusteeship approached the tribunal under Section 7 of the Insolvency and Bankruptcy Code for a default of 4.52 bln rupees.
The section allows a financial creditor to file an application before the adjudicating authority to initiate a corporate insolvency resolution process against the corporate debtor in case of a default.
Future Lifestyle Fashions Ltd, the apparel arm of debt-ridden Future group, is already facing two other insolvency petitions. Bank of India and Lotus Lifespaces LLP had claimed 4.95 bln rupees and 1.5 bln rupees, respectively.
Future Lifestyle has in-house retail chains Central and Brand Factory, exclusive brand outlets, and other multi-brand outlets of nearly a dozen apparel labels.
Earlier, the tribunal had initiated insolvency proceedings against the Kishore Biyani- led Future group's Future Retail Ltd in a petition by Bank of India.
At 1127 IST, shares of Future Lifestyle Fashions Ltd traded 2.0% higher at 7.60 rupees on the National Stock Exchange.
