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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.