With reference to the above, please be informed that the Hon'ble National Company Law
Tribunal ('NCLT') has pronounced its Order today i.e. 04 May 2023, allowing the
admission of the petition of Bank of India, filed under Section 7 of the Insolvency and
Bankruptcy Code, 2016 (the Code) on 26 August 2022 against the Future Lifestyle
Fashions Limited, on alleged amount of default of Rs.495.91 crore.
The Hon'ble NCLT while pronouncing the Order, has also approved the appointment of
Mr. Ravi Sethia as an Interim Resolution Professional ('IRP') in terms of section 16 of the
Code.
Kindly take the same on record and acknowledge the receipt.
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