Update on NCLT hearing - Resurgent India Special Situations Fund Vs Future Consumer Limited
Awaiting price reaction for this filing.
Future Consumer Limited has provided an update on an NCLT (Mumbai) case filed by Resurgent India Special Situations Fund. The hearing on 16th April 2026 focused on a loan default dispute where the Company admitted to liability regarding financial facilities. The Company argued that the first default occurred in May 2022, making the claim barred by limitation. Resurgent countered by pointing to the Company's FY 2024-25 financial statements showing NCDs and debt reflected. The Company also submitted an affidavit arguing it does not fall under NBFC classification. The matter has been adjourned to 17th April 2026 for further arguments, where the Company intends to present additional case law.
The admission of liability is a significant development for shareholders as it increases the likelihood of an adverse ruling. The ongoing NCLT proceedings and the limitation defense debate create uncertainty around the Company's financial obligations and potential restructuring implications.