NCLT admits insolvency petition against Future Consumer over Rs 264 cr default

NCLT Mumbai admitted an insolvency petition by Resurgent India Special Situations Fund against Future Consumer under Section 7 of IBC over a default of Rs 263.77 crores. The debt relates to 2,000 non-convertible debentures issued in 2018, originally held by CDC Emerging Markets. The company acknowledged the debt but opposed insolvency citing COVID impact and the failed Reliance deal. NCLT rejected these defenses and admitted the petition, triggering Corporate Insolvency Resolution Process.