FRL's lenders to meet on Saturday to decide on future course of action

This, while Future Retail has sought ten days from Supreme Court to work out a settlement for payment of dues

Lenders to troubled retail chain Future Retail will meet on Saturday to discuss next steps, including legal options, after the company sought 10 days’ time from the Supreme Court to work out a settlement.

While senior bank executives have been reviewing the case on a regular basis, Saturday’s meeting assumes significance in light of the Supreme Court hearing, banking sources said.

Executives of the Bank of India said in the media interaction after the December quarter results that the account was already being treated as a non-performing asset (NPA). The bank has proactively made 47 per cent provisioning, which is higher than