Amazon seeks dismissal of insolvency plea against Future Retail

18 May 2022, Mumbai:

Amazon.com NV Investment Holdings has sought dismissal of the insolvency resolution plea filed by Bank of India against Future Retail from the National Company Law Tribunal.

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However, the bank has urged the tribunal to admit its application immediately to initiate insolvency proceedings against Future Retail to prevent further delays from jeopardizing the recovery of public money several Indian banks had lent to the struggling retailer.

Amazon had filed an intervention application terming the petition filed by the Bank as an act of malice and collusion' with the company and its promoters Kishore Biyani.

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Amazon also urged the tribunal to investigate fraudulent and malicious intentions of both the banks and FRL and impose a penalty on both.

Appearing for the Bank of India, Senior Advocate Ravi Kadam, argued that Amazon is neither a lender nor a borrower. Hence, it has no locus standi to file any such application at this stage. He said, as several officers of Future Retail have resigned, Reliance Industries needs to take control of the company.

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