STOCK MARKET BSE NSE

Future Retail files petition in SC, seeks extension to make Rs 3,500 crore payments to lenders

Future has failed to close its $3.4 billion deal to sell its retail assets to market leader Reliance Industries due to the tussle with US e-commerce major Amazon

Published: 25th January 2022 01:54 PM  |   Last Updated: 25th January 2022 01:54 PM   |  A+A-

Kishore Biyani, Future Group

Future Group's Kishore Biyani (Photo | PTI)

Express News Service

NEW DELHI: In a new development in its ongoing dispute with Amazon, Future Group on Tuesday filed a petition in the Supreme Court against its lenders, asking not to be declared defaulters and seeking an extension to execute Rs 3,500 crore payments to its lenders, according to a legal filing.

In its filing, reviewed by The New Indian Express, Future said it was unable to service the debt due to legal challenges from Amazon.

Future this month had told Indian exchanges it was unable to pay 35 billion rupees it owed to its lenders on December 31 as it could not sell certain small stores due to the dispute with Amazon.

Future has failed to close its $3.4 billion deal to sell its retail assets to market leader Reliance Industries due to the tussle with US e-commerce major Amazon, which says Future violated some pre-existing contracts between the two sides by deciding to sell its retail assets to Reliance.

In its filing on Tuesday, Future urged the Supreme Court to ask lenders and the country's central bank to grant more time to execute the sale.

Future, in the petition, also said if it failed to service the latest debt to its lenders, they would be free to initiate proceedings ‘against the petitioner No. 1 including insolvency proceedings under the Insolvency and Bankruptcy Code’.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp