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Supreme Court to hear on January 31 the petition filed by Future Retail to avoid becoming a ‘defaulter’

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Supreme Court to hear on January 31 the petition filed by Future Retail to avoid becoming a 'defaulter'

New Delhi:

of future retail limited Petition to stop being NPA The Supreme Court has agreed to hear soon. Hearing on this petition will be held on January 31. On behalf of FRL, Mukul Rohatgi had demanded an early hearing, on Thursday, CJI NV Ramana said that he would hear on Monday. Actually, FRL has approached the Supreme Court. Future Retail has requested the Supreme Court to restrain the company from declaring NPA or defaulter. Earlier this month, Future Retail said it could not repay Rs 3,494.56 crore to banks and lenders on the due date as the company could not sell assets due to the ongoing litigation with Amazon. The said amount is now to be paid by the end of this month.

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Future Retail has sought some more time to repay the loan and requested the Court to extend the time frame prescribed under the draft agreement for monetization of small size shops as per meeting dated 01.01.2022. Lenders have given an additional 30 days to Future Retail Limited for non-payment of loans by the due date (December 31, 2021) under the one-time restructuring (OTR) scheme for companies affected by Kovid-19.

Future Retail Limited had entered into the OTR scheme last year with a consortium of banks and lenders and under this it was to repay a total of Rs 3,494.56 crore by December 31, 2021.

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