THE fate of the Future group -Reliance Retail ₹27,500 crore deal hangs in the balance with Bank of India, a lead consortium lender, initiating insolvency proceedings to recover dues from the beleaguered retailer.
“…. Bank of India has served an advance intimation of filing an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Company for default on nonpayment of monies due in terms of the Framework Agreement entered into between the Company and Bank of India,” group company Future Retail said in an announcement to the exchanges on Thursday.
This story is from the April 15, 2022 edition of The Morning Standard.
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This story is from the April 15, 2022 edition of The Morning Standard.
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