New Delhi: Kishore Biyani-LED Retail of the Future Ltd on Saturday said it was approaching the Supreme Court against orders delivered by the Delhi High Court to maintain the status quo in connection with RS 24,713 Crore agreement with Reliance Retail and directing it to enforce the order of Singapore emergency arbitrator.
In the submission of regulations, retail in the future said, “Please take into account that the company has submitted a special leave petition before SC against the command which was revealed on February 2, 2021 and 18 March, 2021 …
it will be listed to hear in time.” In his petition , the company said “here is an extreme urgency to hear” and “remains a command that was revealed” passed by a single member bench Delhi HC, which failed in liquidation.
Retail of the future, in its request, said the merging scheme, which will be registered before NCLT, cannot be through HC order.
“Around RS 28,000 crore public money in the form of bank loans and debt issued by FRL and the group company is also at risk,” he said.
The amount of damage that might be caused is “unimaginable” as a livelihood of 35,575 employees FRL and various companies that are part of the scheme may be lost, he added.