FRL launches SC challenge against own lenders to avoid a defaulter tag

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

Future Retail
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Press Trust of India
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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jan 25 2022 | 12:41 PM IST

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