Will defend : Future after Amazon moves SC against Delhi HC stay order
Future says it has received a communication dated April 13, 2021, that Amazon has filed a Special Leave Petition before the SC against the Delhi HC division bench
BusinessToday.In | April 14, 2021 | Updated 16:06 IST
Amazon CEO Jeff Bezos and Future group promoter Kishore Biyani
The fight between Amazon and Future Retail will now take place in India s Supreme Court. Future Retail has said it will defend the matter/proceedings through legal counsels after Amazon approached the Supreme Court against a Delhi High Court order that stayed a single judge s order restraining Kishore Biyani-led retail chain from going ahead with its Rs 24,713 crore deal with Mukesh Ambani-led Reliance Retail.
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Future may face liquidation if the deal, already mired in legal wrangling, falls through and banks are actively discussing an alternate one-time restructuring option
Future, which last year availed a loan moratorium amid the pandemic, has since defaulted on repayments. The defaults, coupled with the legal battle, are now forcing banks to seriously explore a one-time restructuring plan under an inter-creditor agreement signed last year.