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To 'protect interest', banks to move DRT's Mumbai bench against Future

The lead bank of the consortium has to issue notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI).

Banks
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Abhijit Lele Mumbai
Lenders to Kishore Biyani-controlled Future Retail (FRL) will move the Debt Recovery Tribunal’s (DRT’s) Mumbai bench to protect their interest and also avoid a repeat of instances like Reliance Industries taking over some of FRL’s stores.
 
The paper work for application to the DRT is nearing completion and they will move the tribunal next week, two bankers aware of the matter said. Bank of Baroda will be the first to take troubled retailer to DRT.
 
The lead bank of the consortium has to issue notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI).

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First Published: Mar 23 2022 | 12:38 AM IST

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