Future Retail (FRL) on Tuesday moved the Supreme Court in search of safety from being declared a defaulter for failing to pay mortgage dues of Rs 3,494.56 crore to its 26 lenders. The matter might be talked about for pressing listening to by FRL’s attorneys on January 28.
The firm — whereas making the RBI and 26 banks together with SBI, IndusInd, DBS, HDFC, Union Bank of India, as respondents in its petition — has informed the SC that regardless of being conscious of the impression of Covid-19 pandemic on its enterprise/shops and in addition the freeze on the sale of its small-format shops as a consequence of its ongoing dispute with Amazon, the lenders despatched default notices to it earlier this month.
FRL apprehends that other than its account being declared as non-performing asset (NPA), the lenders would additionally publish its and its board of administrators’ names as wilful defaulters, thereby lowering its credit standing and consequently compromising its means to lift any additional finance.
Pursuant to the declaration of NPA by any of its 26 lenders, its account would stand categorized as NPA by different lenders as effectively and would additionally adversely have an effect on its different group firms which have availed the one-time restructuring (OTR) facility, it informed the apex court docket.
FRL had missed the due date for fee of Rs 3,494.56 crore to banks and lenders because it couldn’t promote property as a consequence of its ongoing litigation with Amazon, impacting its monetisation plans. FE