Future Group mulls Supreme Court bid to avoid being named a defaulter: Sources

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NEW DELHI: Future Group plans to challenge its own lenders in the Supreme Court to avoid being named a defaulter for missing payments, citing its ongoing dispute with partner Amazon, three sources told Reuters on Thursday.
Future, the country’s second-largest retailer, has since 2020 failed to complete its $3.4 billion retail asset sale to a rival due to successful legal challenges by Amazon, which argues the Indian group violated certain non-compete contractual terms the two sides had. Future denies any wrongdoing.
Future told exchanges this month it was unable to pay Rs 3,500 crore ($470 million) it owed to its lenders on December 31 as it could not sell certain small stores due to the dispute with Amazon. It had hoped to use a 30-day grace period to resolve the situation.
Beyond that, banks are bound by law to classify Future’s accounts as a “non-performing asset”, or an NPA, and…

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