Lenders to India’s Future Retail have begun to classify the retailer as a “non-performing asset” after the company missed payments to the banks, they told the country’s Supreme Court in a file seen by Reuters.
The lenders also said they would be required by law to provide Rs 8,000-9,000 crore ($1.07 – $1.20 billion) on their books due to the retail giant’s default.
Future last month challenged its SC lenders to avoid facing insolvency proceedings or classifying the company as a defaulter after it missed certain payments on its loans.
Future states it is unable to sell assets and make payments due to its ongoing dispute with partner Amazon.com Inc.
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