Future Retail moves SC to restrain lenders

January 25, 2022 13:50

Kishore Biyani-led Future Retail Ltd (FRL) on Tuesday moved the Supreme Court requesting it to pass a direction to restrain its lenders from declaring the company as a non-performing asset (NPA) in case of a default of Rs 3,494.56 crore.

Earlier this month, Future Retail had said it had missed the due date for the payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with Amazon, impacting its monetisation plans.

It has till the end of this month to make the payment.

Moving an urgent petition on Tuesday, FRL has requested the apex court to issue a "direction restraining Respondent Nos.2-28 (lenders) from declaring the Petitioner No 1 (FRL) as a Non-Performing Asset."

The Future group firm has also asked for some more time for loan payment and requested the Supreme Court to "extend the timeline stipulated under the Framework Agreement for monetization of the Small Format Stores in line with the minutes of the meeting dated 01.01.2022."

After it missed the due date (December 31, 2021), FRL got a review period of 30 days (from the due date) in terms of the RBI circular dated August 6, 2020, on one-time restructuring (OTR) scheme for COVID-19 hit companies.

FRL had, last year, entered into an OTR scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021 for that.

In its petition, FRL has also requested the Apex Court to issue an order or direction to its lenders "to extend the "cure period"/ "review period" of 30 days under the Framework Agreement" and relax the time frame. -- PTI

« Back to LIVE

TOP STORIES

Aditi Adds Glamour To An Awards Night

Film folk get fashionable on the red carpet at the Bollywood Hungama's Style Icons Summit Awards 2024 in Mumbai.

Rahul Gandhi skips Amethi, files nomination from Rae Bareli

Kishori Lal Sharma, a close aide of the Gandhi family, has been fielded from the Amethi Lok Sabha seat, the party said in a statement.

Nitish becoming one of my favourites: Shane Watson

Former Australian all-rounder Shane Watson hailed young Indian uncapped all-rounder Nitish Kumar Reddy, saying that he is one of his favourite players to watch and lauded his dominance over the experienced spin duo of Yuzvendra Chahal...

Accepted defeat: Smriti Irani after Rahul ditches Amethi

Irani said that Rahul Gandhi's candidature from Raebareli is a "victory" for the people in Amethi.

Few chess moves...: Cong on Rahul's Raebareli move

'Rahul is a seasoned player of politics and chess. He makes his moves after careful consideration.