New Delhi: The future group on Tuesday challenges its own lenders at the Supreme Court to avoid facing the bankruptcy process for payment missing, quoting his dispute with Mitra Amazon.com Inc., according to legal submission reviewed by Reuters.
The future, the second largest retailer in the country, since 2020 failed to complete the sale of retail assets of $ 3.4 billion in rivals because of the row with Amazon, which argued that the Indian group violated the term contract that did not compete in no competition.
The future denies errors.
The future to Indian exchanges this month cannot pay 35 billion rupees ($ 470 million) owe to lenders on December 31 because they cannot sell certain small shops because of a dispute with Amazon.
Already hoped to use a 30-day grace period to resolve the situation.
After failing to do so, in the future in a new court filed at the Supreme Court on Tuesday asked the judge to order the country’s lenders and central banks to provide more time to carry out sales, and not classified as defaugter.
1,700 company outlets cover around 900 small-sized stores, with the rest are large format hypermarkets and mode outlets.
The latest legal challenge by future signals fosters the pressure on the retail group, which has said it is afraid of liquidation and more than 27,000 work losses on his retail arm if the plan to sell assets to the reliance industry failed.
The future archiving also contains letters from Bank Negara India to the company on January 15, warns the company that if it does not pay the amount due to the law giver, it can face legal action.
This, SBI warns in his letter, can include “starting the bankruptcy process” of the future, in line with the Indian law.
The main retail arm of the future, retail in the future, asked the judge to cancel the default notification from the lender, the archiving showed.
The future “finds himself in a strange position where he wants to obey” with his obligations to the lender, but “litigation with Amazon effectively prevents it from doing it,” said the future advice of Yugandhara Pawar Jha in archiving.
Court petition, which is not common, was first reported by Reuters.
Amazon argues that the future violates the provisions of the 2019 agreement signed when US companies invest $ 200 million in future units.
The position of US companies has so far been supported by the Arbitrator and Singapore Indian court.