Fighting Amazon means we need more time to pay the banks, says Future Retail: 10 points

Future Group on Tuesday challenged its own lenders in the Supreme Court in an attempt to avoid being seen as bankrupt for lack of payments, according to a Reuters report.

Future Group cited its ongoing dispute with partner Amazon.com Inc, according to a legal filing seen by Reuters.

The country’s second-largest retailer, Future, has as of 2020 been unable to finalize the sale of $3.4 billion worth of retail assets to a rival due to conflicts with Amazon.

Amazon argued that Future Group had violated certain non-compete contractual provisions that the two parties had. Future denies any wrongdoing.

Future told exchanges this month that they could not pay 35 billion rupees or 3,500 Rs crore ($470 million) they owed their lenders on December 31 because they were unable to sell some stores small due to a dispute with Amazon.

Future had hoped to use the 30-day grace period to resolve the situation.

In a filing on Tuesday, Future urged the Supreme Court to ask the lenders and the Reserve Bank of India (RBI) for more time to execute the deal, Reuters reported.

Future’s main retail arm, Future Retail, also asked the judges to cancel default notices they had received from lenders, including State Bank of India, warning of action. against the company.

Earlier on January 8, 2022, Amazon.com filed new legal challenges in a lengthy dispute with Future Group after the Competition Commission of India (CCI) suspended a 2019 agreement between parties, resulting in their adjudication being halted. , Reuters reported earlier.

The CCI last month suspended approval of Amazon’s 2019 deal with Future, hampering the US e-commerce giant’s attempt to block Future’s sale of retail assets to the market leader. Domestic Reliance Industries.