Biyani moves HC against forensic audit of Future Retail
Earlier in August this year, Kishore Biyani and his brother Rakesh Biyani were asked by Bank of India to respond to findings made in the forensic audit report by BDO
Kishore Biyani
MUMBAI: Kishore Biyani, the erstwhile promoter of debt-ridden Future Retail, has moved the Bombay High Court against the forensic audit process of the company.
Earlier in August this year, Kishore Biyani and his brother Rakesh Biyani were asked by Bank of India to respond to findings made in the forensic audit report by BDO, a forensic auditor appointed by the leading financial creditor of Future Retail Ltd (FRL).
The forensic auditor had submitted its report on August 9, 2023, and Bank of India sought representation/submissions from the company over the credit facilities availed by Biyani, which was replied by the resolution professional on August 28, 2023, FRL said in a regulatory filing.
“Kishore Biyani – Director of the Company, has filed a writ petition before High Court, Bombay, inter alia challenging the Forensic Audit process, including the Forensic Audit Report dated August 09, 2023, submitted to BOI by BDO India,” FRL said.
Bank of India is the lead creditor of FRL, and CIRP was initiated against the retailer on its plea.
The deadline to complete the CIRP of FRL was September 15. This was the third extension by the Mumbai bench of the National Company Law Tribunal (NCLT).
The insolvency proceedings against FRL were started by the tribunal on July 20, 2022.
According to media reports, lenders have received only one bid, which is from SpaceMantra, close to the liquidation value of the FRL. The Committee of Creditors of FRL is yet to finalise a decision on the bid.
