Future Retail: Future Retail moves Supreme Court on insolvency notices of lenders – Times of India

New Delhi: Banks are facing pressure to recover dues. Future Retail moved on tuesday Supreme court It is still alive, but has been mired in cross-country lawsuits, demanding the cancellation of lenders’ letters threatening to initiate bankruptcy proceedings. heroine,
Informing the court about its high-value assets – 1,209 stores in 391 cities across all states – Future Retail said it has dues of around Rs 5,000 crore payable to 26 banks and financial institutions (FIs), which agreed to reorganize the property. deal with Reliance Retail,


It said an investment of Rs 25,000 crore Reliance Retail will not only protect Future Retail’s widely spread valuable assets from being cheaply sold by lenders through bankruptcy proceedings, but will also fully satisfy dues due to banks and financial institutions, as well as working It will also save the jobs of about 25,000 employees. these shops. On January 11, SC had reserved order on the future course of multi-stage litigation between the Biyani group future coupons and Future Retail.
With complications galore in the high-stakes dispute – Singapore’s emergency arbitrator orders Future Retail from going ahead with the sale to Reliance, the Competition Commission of India has withheld its prior approval for Amazon’s investment in Future Coupons A bench headed by CJI NV Ramana heard the arguments of all the parties.
Future Retail in its latest writ petition told the Supreme Court that as events beyond its control (with Reliance) stalled the promising deal (Amazon called for arbitration in which Future Retail is a non-signatory party) , it was not enabled. To monetize your small format stores and other assets.