Lenders Act Against Future Retail For Missing Payments

Lenders to India's Future Retail have started classifying the retailer as a "non-performing asset" after the company missed payments due to the banks, they told the country's Supreme Court in a filing seen by Reuters.

The lenders also said they would be required by law to provision Rs 8,000-9,000 crore ($1.07-$1.20 billion) in their books on account of the default by the retail giant.

Future last month challenged its lenders in the SC to avoid facing insolvency proceedings or classifying the company as a defaulter, after it missed making certain payments on its loans.

Future argues it is unable to sell assets and make payments due to its ongoing dispute with partner Amazon.com Inc.

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