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’.