Mumbai: Retail of the future has begun to classify loans to retailers as “non-performing assets” after the company missed payment to the bank, they told the State Supreme Court in the archiving seen by Reuters.
Lenders also said they would be asked by law to provide 80 billion-90 billion rupees ($ 1.07 billion – $ 1.2 billion) in their books because of the default by the second largest retailer in the country.
“Lenders have classified / began to classify FRL loan accounts as non-performing assets (” NPA “) because payments were not carried out in” the specified time, they said in archiving, reviewed by Reuters.
The future declined to comment.
Classified as NPA will improve financial problems for the future, which for months trying to sell his retail assets to rival the dependency industry, but failed to do it because of the legal challenges of the Mitraanya Amazon.com Inc.
Quoting his dispute with Amazon with Amazon, the future of the last month challenged his lenders in the upper court to avoid facing the bankruptcy process or classified as defaugter, after passing certain payments on the loan.
The future has failed to complete the sale of retail assets of $ 3.4 billion in Amazon has succeeded in argued before the legal forum that the retail giant violated the term contract that did not compete in no competition.
The future denies errors.
The future has told the stock exchange, it cannot pay 35 billion rupees ($ 470 million) owe to lenders on December 31 because they cannot sell certain small shops in the middle of the ranks with Amazon.
It hopes to use a 30-day grace period to resolve the situation, but can’t do it.
The bank acts against the retail of the future for payment missing
