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The hearing of Amazon's plea, initiating insolvency proceedings against debt-ridden Future Retail Ltd has been adjourned by the National Company Law Tribunal (NCLT) until June 14. A plea seeking initiation of insolvency resolution proceedings against Future Retail Ltd (FRL) was filed by Bank of India (BoI), the lead banker in the consortium of lenders of the company.
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.com Inc has gone on the attack in its bitter dispute with two Indian retailers, accusing them of fraud in Indian newspaper ads on Tuesday after Reliance Industries suddenly took over many of Future Retail stores.
The Supreme Court bench has asked Future Coupons to respond to Amazon’s application by March 16, when the matter will be heard next.
Last week, Reliance had taken over control of nearly 200 small-format retail stores of the debt-ridden Future Group.