Future Retail Amazon News Today

Future Retail Ltd is on course to bankruptcy after its secured creditors rejected the Reliance deal this week. The fate of the company and management is uncertain as the Bank of India initiated insolvency proceedings last week.

Bank of India has moved the National Company Law Tribunal, filing a petition to initiate insolvency proceedings against debt-ridden Future Retail

A bench comprising Chief Justice N V Ramana and justices Krishna Murari and Hima Kohli got the consent of Future group and Amazon over the resumption of arbitral proceedings.

Supreme Court has ordered resumption of arbitration before the Singapore International Arbitration Centre over Future's merger with Reliance Retail

Future Retail told the Supreme Court that "Amazon wanted to destroy us and it succeeded," as the bitter and long-running legal battle continues, with the next hearing scheduled for April 4.

Dispute settlement talks between Amazon.com Inc and India's Future Retail failed over the U.S. group's demand for the return of at least $200 million it had invested in the Indian firm, two sources said.

Amazon and the Future Group have been locked in a legal tussle after the US e-commerce giant dragged the latter to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.

Reliance Industries has effectively taken over the operations of Future Retail stores and has offered jobs to its employees

Supreme Court on Wednesday directed Amazon and Future Group to urge National Company Law Appellate Tribunal for a speedy disposal of the case.

Lenders to India's Future Retail have started classifying the retailer as a "non-performing asset" after the company missed payments due to the banks, they told the country's Supreme Court in a filing seen by Reuters.