Future Consumer Limited received a procedural reprieve in its ongoing National Company Law Tribunal (NCLT) case as State Bank of India (SBI) acknowledged errors in its claim computation and withdrew part of its petition. The development came during the latest hearing at NCLT Mumbai, where both parties appeared before the tribunal.

SBI Acknowledges Claim Computation Errors

During the proceedings, Future Consumer's counsel informed the bench that SBI had responded to objections regarding incorrect claim computation by withdrawing part of their claim. The bank also revised its interest component, necessitating amendments to their original Form-1 petition.

SBI's counsel submitted before the tribunal that there was an error in the computation of their claim and committed to rectifying it through proper legal procedures.

Tribunal Grants Time Extension

The Hon'ble Tribunal responded to the developments by granting specific timelines for both parties to complete necessary procedures. SBI received two weeks to file an amended Form-1 petition through an affidavit, while Future Consumer was granted one additional week thereafter to file its reply to the amended form.

Case Background and Next Steps

This update follows Future Consumer's earlier disclosure dated 16th February, 2026, regarding SBI's case filing at NCLT Mumbai. The matter has been adjourned to 23rd April, 2026, providing both parties time to complete the required procedural formalities.

Future Consumer has committed to continue providing updates on the matter in compliance with Regulation 30 of SEBI Listing Regulations. The company's Managing Director Samson Samuel signed the disclosure, maintaining transparency with stakeholders regarding the ongoing legal proceedings.

The procedural relief, while temporary, provides Future Consumer with additional time to prepare its defense against the revised claims that SBI will present in its amended petition.

Future Consumer Limited has informed stock exchanges about developments in the ongoing NCLT case filed by Resurgent India Special Situations Fund, following a hearing held on 17th March, 2026. The company disclosed these updates under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Hearing Proceedings and Arguments

The NCLT hearing was originally scheduled for 9th March, 2026 but was rescheduled to 17th March, 2026 as the bench did not preside on the initial date. During the proceedings, the company's counsel Mr. Shyam Kapadia presented the financial statements for the last three years as directed by the tribunal.

The company's counsel argued that Resurgent had waived the company's defaults subject to payment of outstanding amounts, and that if the waiver notice was breached, the original default date of May 2022 would still apply for limitation purposes.

Tribunal's Observations on Financial Position

The Hon'ble Tribunal made significant observations regarding Future Consumer Limited's financial position based on FY 2024-25 financials. The tribunal noted that plants, equipment and machinery reflected a value of more than Rs. 300 crores. Additionally, the tribunal highlighted considerable investments in the subsidiaries of Future Consumer Limited.

NBFC Registration Query

Based on the company's substantial asset base and investment portfolio, the tribunal questioned whether Future Consumer Limited should have been registered as a Non-Banking Financial Company (NBFC). This observation has led to specific directions for the company to provide additional clarification.

Tribunal Directions and Next Steps

The tribunal has issued specific directions to Future Consumer Limited:

• File an Additional Affidavit providing clarity on NBFC registration requirements
• Inform whether any intimation has been received from RBI regarding NBFC registration
• Submit the affidavit within 10 days from the hearing date

Future Consumer Limited has committed to continue providing updates on the matter as proceedings develop. The case involves debt obligations to Resurgent India Special Situations Fund, with disputes over default dates and limitation periods for legal action.