Future Retail asks SC two weeks’ time to arrive at a solution with lenders

Kishore Biyani’s (FRL) has sought two weeks from the Supreme Court (SC) to hammer out a solution with lenders on the issue of clearing dues and avoid being tagged a non-performing asset (NPA).

The council to the lenders of Future Group suggested an open bid between and (RIL) to settle the dispute and ensure recovery for banks. It also argued that the lenders’ contract with Future Group is the only one involving depositors’ money and has public interest, given that its exposure is Rs 17,000 crore. It said if the loan repayment is pushed by a year, the outstanding could balloon to Rs 25,000 crore.

This comes on the back of FRL approaching the SC to direct its lenders to extend the timeline under the framework agreement for monetisation and extend the cure/review period (of 30 days) under the agreement, to avoid the NPA label.

The council to lenders also said that the entire assets of FRL, which are entitled to be sold, may be subject to an open bid. The banks’ council argued in court that both and RIL are flush with funds and should agree to an open bid.

FRL had missed the first deadline to repay Rs 3,494 crore. A 30-day grace period for clearing the dues expired on January 29, which prompted the independent directors of the company to write to Amazon, seeking a bailout.

In its previous hearing on Tuesday, the SC said no party should benefit from consequential punitive action against FRL in loan repayment.


FRL’s council had argued in court that it needed some time, and should its merger deal with Reliance Group come through, it could service all debt.

On Tuesday, the SC also delivered a verdict setting aside three Delhi High Court orders, including refusal to grant stay on the final arbitral award restraining FRL from going ahead with its merger with Reliance Group and ordering fresh adjudication.

A senior executive of a public sector bank told Business Standard that FRL is now an NPA . That being a restructured loan, lenders have been making regulatory and additional provisions since the first quarter of 2021-22.

On January 25, FRL’s independent directors had accepted the transaction with Mukesh Ambani-led Reliance Group and had then rejected the proposal of US e-commerce major Amazon’s investment in FRL.

“It helps FRL to meet almost all its liabilities and in the process helps protect the investment of small shareholders and jobs of over 25,000 employees,” said a letter by FRL’s independent directors.

The letter said it would not serve any purpose in engaging in further discussion on the proposal had made in the letter.

“If you were serious about providing funding to the extent of Rs 3,500 crore within the timeline (in order to repay banks and avoid NPA classification), we would have been happy to engage with you,” read the letter.

The letter further stated, “but it is now clear that your letters were just a game of smoke and mirrors to serve your purpose of gaining all the media attention and create media headlines that Amazon is prepared to help”.

The independent directors sent the letter to the Directorate of Enforcement, Securities and Exchange Board of India Chairman Ajay Tyagi, and Competition Commission of India Chairman Ashok K Gupta. It was also marked to the senior executives at Union Bank of India, Bank of India, State Bank of India, Bank of Baroda, Central Bank of India, Punjab National Bank, UCO Bank, and Indian Bank.

The independent directors had also asked Amazon to confirm whether it was willing to fund Rs 3,500 crore by January 24 as it had its loan payment due on January 29.

On February 2, Standard & Poor’s affirmed the ‘CCC-‘ long-term issue rating on FRL’s US dollar-denominated senior secured notes. It expected the company to service the semi-annual coupon during the 30-day grace period, in line with past trends. The coupon was due on the notes on January 24.

Source link

istanbul escort aksaray escort arnavutköy escort ataköy escort avcılar escort avcılar türbanlı escort avrupa yakası escort bağcılar escort bahçelievler escort bahçeşehir escort bakırköy escort başakşehir escort bayrampaşa escort beşiktaş escort beykent escort beylikdüzü escort beylikdüzü türbanlı escort beyoğlu escort büyükçekmece escort cevizlibağ escort çapa escort çatalca escort esenler escort esenyurt escort esenyurt türbanlı escort etiler escort eyüp escort fatih escort fındıkzade escort florya escort gaziosmanpaşa escort güneşli escort güngören escort halkalı escort ikitelli escort istanbul escort kağıthane escort kayaşehir escort küçükçekmece escort mecidiyeköy escort merter escort nişantaşı escort sarıyer escort sefaköy escort silivri escort sultangazi escort suriyeli escort şirinevler escort şişli escort taksim escort topkapı escort yenibosna escort zeytinburnu escort porno 1080p porno izle 4k porno izle 720p porno izle abella danger alman alman porno alman porno izle aloha tube porno amatör amatör porno amatör porno izle anal anal porno anal porno izle arap porno asa akira porno asyalı porno bangbros porno bangbros porno izle banyoda sikis başörtülü porno beeg porno izle beyaz tenli porno izle biseksuel porno izle bisexsuel porno brandi love porno brazzers brazzers porno izle canli porno canli porno izle çinli porno çinli porno izle ensest porno ensest porno izle ensest seks erotik porno erotik porno izle esmer porno esmer porno izle etek altı fake agent fake taxi fake taxi porno fantazi pornoları fantezi porno izle fetiş porno fetiş porno izle fetish fransız porno fransız porno izle full hd hg porno izle gangbang porno genç kız porno izle genç kız sikişi genç teen porno izle gizli çekim porno gizli çekim pornosu grup pornosu grup porno grup porno izle hd pornolar hd porno hd porno izle hemşire porno hemşire pornosu hizmetçi porno hizmetçi porno izle ingiliz porno japon pornoları japon porno kızlık bozma kızlık bozma porno izle konulu porno konulu porno izle koreli porno köylü pornoları kumral porno kumral porno izle latin pornoları latin porno latin porno izle lezbiyen pornoları lezbiyen porno lezbiyen porno izle lisa ann porno liseli pornoları liseli porno liseli porno izle manken porno manken porno izle masaj porno izle masturbasyon porno izle masturbasyon pornoları mature porno mia khalifa porno mia malkova porno milf porno izle mobil porno mobil porno izle öğrenci porno izle öğretmen porno izle okul porno izle olgun kadın pornosu olgun porno oral porno oral porno izle oral seks porna izle pornhub pornhub porno izle porno film izle porno indir porno izle porno resimler porno star porntube porno izle redtube redtube pornoları riley reid porno rokettube rus pornoları rus porno rus porno izle sakso blowjob porno izle sarışın pornoları sarışın porno sarışın porno izle sarışın pornoları sekreter porno shemale sikiş sikiş sikiş izle şişman porno siyahi pornoları suriyeli pornoları swinger porno tecavüz porno teen porn türbanlı pornoları türbanlı porno türk pornoları türk porno türk porno izle türkçe altyazılı porno türkçe altyazılı porno izle xhamster pornoları xhamster porno xhamster porno izle xnxx xnxx porno xnxx porno izle xvideos xvideos porno izle yaşlı porno yeşilçam porno izle youjizz youporn youporn porno izle zenci porno güvenilir bahis siteleri bahis siteleri casino deneme bonusu casino siteleri deneme bonusu para yatırma bonusu bahis siteleri casino siteleribahis sitesi para yatırma