23 April 2022, Mumbai:
The Mumbai- based Future Retail (FRL) may be staring at bankruptcy proceedings after Friday's developments.
ALSO READ Reliance Retail takes over Future Group stores
A senior banker said that they had no choice but to reject the proposal as the Reliance group had not made any commitments and Biyani, once hailed as the king of retail, did not appear to have any backing for the scheme he had put up.
RELATED NEWS RIL to buy Future Group’s retail assets at original price
Reli ance moved in the last week of February to take control of 800-900 stores of FRL over non-payment of rentals.
FRL which was deeply impacted during the pandemic and defaulted several times over its loan payments.
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