Future Consumer Limited Provides Update on NCLT Hearing Regarding Resurgent India Special Situations Fund Dispute
Future Consumer Limited provided an update on a case filed against the company at the National Company Law Tribunal (NCLT) in Mumbai by Resurgent India Special Situations Fund. The hearing, initially scheduled for March 9, 2026, was postponed and subsequently held on March 17, 2026.During the proceedings, counsel for Future Consumer Limited, Mr. Shyam Kapadia, submitted a financial affidavit detailing the company’s financial statements for the last three years, including the debt owed to Resurgent. Kapadia argued that the first default occurred in May 2022, exceeding the statute of limitations. He further stated that Resurgent had previously waived these defaults, contingent upon Future Consumer Limited fulfilling outstanding payment obligations, with any breach of this waiver nullifying the prior waiver and preserving May 2022 as the default date.
Counsel representing Resurgent India Special Situations Fund asserted that the Notice of Acceleration dated April 24, 2024, should be considered the date of default and the point from which the limitation period begins. They also highlighted the debt owed to Resurgent reflected in Future Consumer Limited’s financial statements and the record of defaults.
The NCLT observed that the company’s assets, including plants, equipment, and machinery, were valued at over Rs. 300 crores and noted considerable investments in subsidiaries. The Tribunal directed Future Consumer Limited to file an Additional Affidavit clarifying whether the company should be registered as a Non-Banking Financial Company (NBFC). Furthermore, Future Consumer Limited was instructed to report whether any communication had been received from the Reserve Bank of India (RBI) regarding potential NBFC registration.
The Additional Affidavit must be submitted within 10 days, and the case is scheduled for further hearing on April 16, 2026. Future Consumer Limited will continue to provide updates on the matter.
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.