NCLT Admits CIRP Against Future Consumer Ltd; Financial Creditor RISSF Claims Over Rs 263 Crore Debt
The National Company Law Tribunal (NCLT) Mumbai Bench-VI has admitted the Corporate Insolvency Resolution Process (CIRP) against Future Consumer Limited (FCL), a decision made after hearing the petition filed by Resurgent India Special Situations Fund (RISSF). The Tribunal found that the Financial Creditor successfully demonstrated the existence of a financial debt due and payable by FCL, leading to the initiation of the insolvency process under Section 7 of the Insolvency and Bankruptcy Code, 2016.The proceedings centered on a significant default related to debentures issued by Future Consumer Limited. Resurgent India Special Situations Fund (RISSF), which operates as a Category I Alternative Investment Fund, filed the petition against FCL. The Tribunal determined that the company failed to honor its repayment obligations regarding these financial instruments, resulting in a stated default date of July 12, 2025.
The material on record showed that the total amount claimed by RISSF as outstanding and due by Future Consumer Limited as of June 30, 2025, is Rs 263,77,00,000/- (Two Hundred and Sixty-Three Crore Seventy-Seven Lakh Rupees).
The NCLT held that the existence of a financial debt due and payable, exceeding the threshold limit of Rs 1 Crore under Section 4 of the Code, was substantiated. The Tribunal noted that while FCL had contested aspects related to its business viability or potential future recoveries from ongoing arbitration proceedings, these factors do not negate an admitted default in a financial debt initiated by a Financial Creditor under Section 7.
Key operational details of the case and the resulting order are summarized below:
| Aspect | Details |
|---|---|
| Corporate Debtor | Future Consumer Limited (FCL) |
| Financial Creditor | Resurgent India Special Situations Fund (RISSF) |
| Debt Claimed | Rs 263,77,00,000/- (as on 30.06.2025) |
| Date of Default | July 12, 2025 |
| IRP Appointed | Aegis Resolution Services Private Limited |
Moratorium Declared and IRP Takes Charge
Following the admission of the application, the NCLT declared a moratorium on FCL under Section 14 of the Code. This moratorium includes several immediate directives:- Prohibiting FCL from initiating or continuing any suits or proceedings against it, including transferring or encumbering any assets.
- Restricting FCL from taking any action to foreclose, recover, or enforce any security interest on its property.
- Ensuring that the supply of essential goods or services to the Corporate Debtor is not terminated or suspended during the moratorium period.
The Tribunal appointed Aegis Resolution Services Private Limited (IRP), which possesses a valid Authorization for Assignment until June 30, 2027, to manage the functions under the Code. The officers and managers of FCL are directed to provide assistance to the IRP as they take charge of the assets and management of the Corporate Debtor.
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