The Supreme Court has agreed to hear Future Retail’s plea on 31st January where the company has sought more time to pay Rs 3,500 crore to banks. As Future Retail sought urgent hearing on its petition to avert the tag of an NPA (non-performing asset), CJI Justice NV Ramana observed that the company is bringing a new angle in the case, where the court will pronounce its order on pending issues and then hear the fresh petition.

 

Indicating that Amazon’s view will also be heard, the 3-judge bench led by the CJI told the lawyers representing Future Retail on a lighter note that the court may have to create a special bench for the case.

 

Following Amazon’s letter dated 19th January to reiterate its willingness to address Future Retail’s financial concerns, the latter’s independent directors had urged Amazon to infuse Rs. 3,500 crores. Future Retail’s independent directors had expressed willingness to assess Amazon’s proposals to pay banks, employees and vendors; stating that they had already missed the due date to pay Rs. 3,494 crores to banks and were ready with Amazon engaging with its lenders.

 

While the top court as well as a Singapore based Emergency arbitrator had stalled Future Group’s proposed deal with the Reliance Group on Amazon’s plea, the Competition Commission of India (CCI) last month suspended the approval which was given to Amazon in 2019 to invest with the Future Group. Amazon’s appeal against the CCI order is slated to be heard by NCLAT on 2nd February.