Industrialist Kishore Biyani has resigned as the chairman of the suspended board of directors of debt-ridden Future Retail Limited (FRL). The company is currently facing bankruptcy proceedings. Future Retail said in a notice to the stock exchanges that the company’s ‘Executive Chairman and Director’ Biyani has submitted his resignation. Now his resignation will be placed before the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC).
The resolution professional of the company received this notice via email on January 24, 2023. FRL faced insolvency proceedings for defaulting on a loan from Bank of India. In his emotional farewell, Kishore Biyani, who has been associated with Future Retail Limited since 2007, said that the company is facing CIRP (Corporate Insolvency Resolution Process) as a result of an unfortunate business situation. The company has always been my passion and I did everything for its growth, I have to accept the reality and move on.
61-year-old Kishore Biyani has assured cooperation to the lenders as well. “Needless to say that notwithstanding my resignation, I will be available for all possible help that can be done by me with my limited resources and ability to resolve any issue related to the company,” he added.
Kishore Biyani was also known as the Retail King in India. He is known as the pioneer of modern retail in India.
FRL operated multiple retail formats in both hypermarket supermarket and home segment under brands like Big Bazaar, Easyday, Foodhall. At its peak, FRL was operating over 1500 outlets in around 430 cities.