The Future Retail’s resolution professional (RP) filed an application before NCLT (National Company Law Tribunal) against Kishore Biyani and all his eight brothers for their alleged involvement in a fraudulent transaction within the company.

According to the company, the fraudulent transactions are estimated to be at Rs 40.53 lakh.

The insolvency process was initiated by the NCLT against Future Retail in July 2022 after a loan default, with a total debt of Rs 30,000 crore over the company.

The company received six bids on the last day of the submission of resolution plans from six potential buyers.

Future Retail has even approached the NCLT for an extension till 15 September for its Corporate Insolvency Resolution Process (CIRP). Earlier, the date for the concluding CIRP was set for 17 August; however, the company’s RP is seeking additional time till 15 September to conclude its CIRP.

If this plea for extension is approved, this will be the third extension given to Future Retail after the NCLT pushed the previously extended deadline to 17 August.

The retail chain has a network of stores under various brand names, including Easyday, Foodhall, Big Bazaar, and Fbb. The company operates in the supermarket, hypermarket, and home resolution segments.

Since 1 January, the stock has fallen by 26% and has plummeted 55% since the company started its insolvency process in July 2022.

Shares of Future Retail have been trading flat at Rs 3.2 or 4.48% below on NSE.