Seek Delhi HC nod for asset sale to Reliance: SC to Future - Times of India

Seek Delhi HC nod for asset sale to Reliance: SC to Future – Times of India

[ad_1]

NEW DELHI: The Supreme Court on Tuesday asked Future Retail to seek the Delhi high court’s nod for resumption of the stalled process for finalisation of its Rs 25,00 0crore asset sale deal with Reliance Retail, pending approval of the National Company Law Tribunal and objected to by multinational Amazon.
It could come as a small window of hope for the beleaguered Future Retail, which is threatened with insolvency proceedings by a consortium of 26 banks while being engaged in a bitter multi-forum litigation with Amazon. The multinational, on the strength of its Rs 1,473crore investment in Future Coupons, had initiated arbitration proceedings against Future Group and got a restraint order against sale of Future Retail assets to Reliance Retail. With the banks breathing down its neck, Future Retail had moved the SC seeking quashing of the lenders’ notices for initiation of insolvency proceedings.



[ad_2]

Source link

Leave a Comment

Your email address will not be published.