Kishore Biyani has resigned from his position of Chairman of the debt-strapped Future Retail, which is currently facing insolvency proceedings. However, the resignation has not been accepted, and will be presented to the lenders of Future Retail.

“This is to inform that Kishore Biyani has tendered a letter of his resignation from the position of the ‘Executive Chairman and Director’ of the Company with effect from January 23, 2023 (intimation received by resolution professional (“RP”) through e-mail on January 24, 2023),” the company informed the exchanges.

However, it further added that the resignation letter of Biyani shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016 read with rules and regulations framed thereunder.

“Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Kishore Biyani, including in respect of his submissions in the resignation letter on information handover,” it added.

Future Retail was dragged into insolvency court by its lead-lender Bank of India after the company defaulted on loans. Its lenders rejected a ₹24,713-crore takeover of the multiple Future group companies, including Future Retail by Reliance amid a legal challenge by Amazon.