SC to hear Future plea against lenders declaring company NPA

The Supreme Court has agreed to hear Future Retail's petition which seeks to prevent its lender from declaring the company a non-performing asset for missing its payments. Future Group on Tuesday had moved the apex court against its lenders to avoid being called NPA.

The company on Tuesday had also rejected Amazon's offer of financial support on the grounds that its asset valuation of Rs 7,000 crore is lower than Reliance Industries' offer. It also fell short of what Future Retail needs to pay its lender.

Lenders to Future group had approached the Reserve Bank of India (RBI) in January seeking an exemption from tagging their loans to the retailer as NPAs.


SC wanted to hear Amazon in the case but Future Group's senior counsel Mukul Rohatgi said that the matter was not related to Amazon.