Supreme Court to hear Future Retail's plea against lenders on January 31

The Kishore Biyani-led company had filed a petition, requesting the Supreme Court to pass an order to refrain its lenders from declaring it as an NPA

The Supreme Court will hear Future Retail’s plea against lenders on January 31. The Kishore Biyani-led company had filed a petition, requesting the Supreme Court to pass an order to refrain its lenders from declaring it as a non performing asset (NPA) if it does not pay dues of Rs 3,494 crore by January 29.

In its petition to the SC, Future Retail said the lenders agreed to set up an asset sale committee to monetise its small format stores (which include Easyday and Heritage Fresh Stores) and recover the dues under the Framework Agreement on January 1.

The company has also requested the SC to direct its lenders to extend the timeline under the Framework Agreement for the monetisation of its small format stores and also extend the “cure period”/ “review period” (of 30 days) under the said Framework Agreement.