Bankruptcy proceedings. Future Retail’s resolution professional seeks access to ‘inaccessible’ stores, warehouses

The resolution professional for Future Retail, which is undergoing bankruptcy proceedings, has filed an application before the National Company Law Tribunal seeking access to ‘inaccessible stores and warehouses’ of the company.

The RP needs access the stores and warehouses as considerable inventory and property, plant and equipment are located at non-operational stores and at third-party warehouses.

Inventory and property, plant, and equipment of over 800 stores, which were with Future Retail up to February 2022, are currently stored at third-party warehouses across the country.

They have to be inventoried and made available to the prospective resolution applicant who can value them and based on that submit their bids.

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Forty-nine prospective bidders have submitted expressions of interest for the assets of Future Retail. The company is up for sale in its entirety or in parts.

Reliance Retail has taken over many of the leased stores under Future Retail when it acquired the lease rights from the landlords. Other leased stores have been forcibly occupied by the landlords as the Kishore Biyani-promoted company has been unable to pay rent.

The RP has also filed an application to extend the date for completing the insolvency process to July 15, from April 16.