The Supreme Court has agreed to hear Future Retail Ltd’s petition to prevent its lenders from declaring the company a non-performing asset for missing its payments.
The apex court also wanted to hear Amazon in the case, but senior counsel for Future Group Mukul Rohatgi informed the court that the matter was not related to Amazon.
Tuesday, Future Group had moved the SC against the lenders to avoid being called NPA.
Earlier in January, the lenders to Future group had approached the Reserve Bank of India (RBI) to seek an exemption from tagging their loans to the retailer as NPAs.
Future Retail Ltd on Tuesday formally rejected Amazon’s offer of financial support, saying its asset valuation at ₹7,000 crore is lower than that offered by Reliance Industries Ltd and that it falls far short of what the Indian retailer needs to pay lenders.
In the absence of any fresh rework on Amazon’s proposal, currently, the only hope for the cash-strapped Future Group is an extension of the 30-day reprieve from the NPA tag by the apex court. Live Mint