Fight With Amazon Means We Need More Time To Pay Banks, Says Future Retail:10 Points
- Future Group on Tuesday challenged its own lenders in the Supreme Court in a bid to avoid being named a defaulter for missing payments, according to a report by Reuters.
- Future Group cited its ongoing dispute with partner Amazon.com Inc, according to a legal filing seen by Reuters.
- The country's second-largest retailer, Future has since 2020 failed to complete its $3.4 billion retail asset sale to a rival due to a row with Amazon.
- Amazon argues that Future Group violated certain non-compete contractual terms the two sides had. Future denies any wrongdoing.
- Future told exchanges this month that it was unable to pay 35 billion rupees or Rs 3,500 crore ($470 million) it owed to its lenders on December 31 as it could not sell certain small stores due to the dispute with Amazon.
- Future had hoped to use a 30-day grace period to resolve the situation.
- In its filing on Tuesday, Future urged the Supreme Court to ask lenders and Reserve Bank of India (RBI) to grant more time to execute the sale, Reuters reported.
- Future's main retail arm, Future Retail, also asked judges to quash default notices it had received from its lenders, including the State Bank of India, warning of action against the company.
- Earlier on January 8, 2022, Amazon.com had filed fresh legal challenges in its long-running dispute with Future Group after the Competition Commission of India (CCI) had suspended a 2019 deal between the two sides, leading to a halt in their arbitration, Reuters had earlier reported.
- The CCI last month had suspended its approval of Amazon's 2019 deal with Future, denting the US e-commerce giant's attempts to block the sale of Future's retail assets to domestic market leader Reliance Industries.
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