Future Retail asks SC two weeks' time to arrive at a solution with lenders

FRL's council had argued in court that it needed some time, and should its merger deal with Reliance Group come through, it could service all debt

Kishore Biyani's Future Retail (FRL) has sought two weeks from the Supreme Court (SC) to hammer out a solution with lenders on the issue of clearing dues and avoid being tagged a non-performing asset (NPA).

The council to the lenders of Future Group suggested an open bid between Amazon and Reliance Industries (RIL) to settle the dispute and ensure recovery for banks. It also argued that the lenders’ contract with Future Group is the only one involving depositors’ money and has public interest, given that its exposure is Rs 17,000 crore. It said if the loan repayment is pushed by a