The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday directed Future group firms that "no meeting to be held until final order is pronounced on the applications", said regulatory filings by the Future group
The Kishore Biyani-led Future Group firm said it has entered into debt restructuring of the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress.
The SC said the EA order is an order within Section 17(1) and can be enforced under Section 17(2) of the Arbitration and Conciliation Act. It further held that such award cannot be appealed under Section 17(2) of the Act.
Lenders of Future Retail last week agreed to extend repayment of loans by up to two years, while converting unpaid interest into a funded interest term loan. The penal charges too will be waived under the recast plan.
Earlier in the day, the apex court had allowed the NCLT, Mumbai to continue with the proceedings but asked not to pass a final order on the amalgamation of Future Retail Ltd (FRL) with Reliance Retail, as it agreed to hear Am
The company also mentioned that an interest obligation of Rs 13.89 crore, due on NCDs upto November 15, 2020, remains unpaid. Future Consumer had issued debt securities — NCDs with a tenure of seven years — worth Rs 200 c
FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 e
Most of the Future group shares have hit their respective lower circuits on Thursday, after the capital market regulator Sebi banned Kishore Biyani, along with certain other promoters of Future Retail Ltd
It alleged grave and material breach of binding agreements committed by the Future Group, particularly on account of the proposed transaction relating to transfer of retail assets of Future Retail to the Mukesh Ambani group.