Banks passing the parcel in Future Retail

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Editor's note: Last Friday, the resolution professional overseeing the insolvency proceedings of debt-ridden Future Retail filed an application before the National Company Law Tribunal against the company’s directors for causing its creditors a loss of nearly Rs 14,810 crore. The application was filed under sections of the Insolvency and Bankruptcy Code that deal with fraudulent trading and seek to impose a liability on the debtor’s partners or directors.  The move comes almost a month after the deadline for potential buyers to submit their bids for Future Retail expired; no offers were received. The development throws a wrench into the plans of Kishore Biyani-promoted Future Group to revive its flagship company. The beleaguered firm owes lenders over Rs 19,000 crore. An insolvency petition was filed in April last year by its largest lender, state-owned Bank of India, and was admitted by the NCLT in June. In November, the committee of creditors invited bids for resolution plans and, after several extensions, the deadline was set for 20 February. That there were hardly any bids comes as no surprise. In February last year, most of …