FRL seeks time on loan dues; independent directors accept Reliance's offer

Retailer asks apex court to direct banks on not labelling it NPA

Future Retail Ltd (FRL) has filed a writ petition in the Supreme Court (SC), requesting it to refrain its (FRL’s) lenders from declaring the company a non-performing asset (NPA) if the retailer did not pay its dues of Rs 3,494 crore by January 29 (Saturday).

FRL had missed its payment date of December 31, after which it had a review period of 30 days to pay the amount to its lenders if it was not to be classified as an NPA.

In its petition to the court, the Kishore Biyani-led company said the respondents (lenders) had agreed to set up an asset