Post Date : February 3, 2022
Future Supply Chain Solutions has been dragged to the National Company Law Tribunal (NCLT) on the basis of DHL’s appeal concerning dues of INR 7.26 Cr. According to sources, Future Supply Chain Solutions has not paid for the services rendered to them by DHL and the latter is now requesting the NCLT to commence insolvency proceedings against the Kishore Biyani-group company. Next hearing for this case will be on March 9th.
The NCLT heard the petition by DHL under Sec(9) on the Insolvency and Bankruptcy Code (IBC). The petition mentioned that the unpaid dues are towards logistics services offered by their clients to Future Supply Chain Solutions for movement of goods from the latter’s various warehouses and storage facilities to other pan-India locations.
A Future Supply Chain Solutions spokesperson said the company was “regularly taking transportation services from M/s DHL but due to onset of the pandemic during the first wave, we could not pay on time and hence they stopped the services in March 2020. We had several rounds of discussions with their top management and based on the understanding with them, we started making regular payments to them from October 2021 onwards”.
The Future Supply Chain operates with a huge network of warehouses & transportation and provides its services to organizations within and outside the Future Group.
The Future Group, for its plans to sell assets to Reliance Retail for INR 25,000 Cr., is going through a major legal dispute with Amazon. Amazon objected to the Future-Reliance deal and accused Future Group of breaching investment agreements signed in 2019 when the US company took a stake in Future Coupons Pvt Ltd (FCPL). Future Group is in currently ridden with a INR 20,000 Cr debt.