NCLT orders liquidation of Biyani-led Future Retail as resolution eludes.

The retail sector in India is experiencing strong growth, with luxury brands entering the market and leasing reaching a five-year high in the first half of 2024. International luxury brands like Maison Margiela and Time Vallée have entered the country, while brands like Breitling and Michael Kors have expanded to new cities. However, there is also news of the liquidation of Future Retail, led by Kishore Biyani, as the maximum period for the corporate insolvency resolution process has expired without an approved resolution plan. The National Company Law Tribunal has appointed Sanjay Gupta as the liquidator in this matter. [Extracted from the article]