Banks’ consortium suggests selling Future Retail assets via bids in SC to recover Rs 17,000 crore
A bench headed by Chief Justice NV Ramana, hearing FRL's plea seeking a direction to the banks that no coercive action be taken against it for a certain time period due to non-payment of debt, did not pass any interim order and adjourned the hearing at the request of the company.
By : migrator
Update:2022-02-04 07:56 IST
New Delhi
A consortium of 27 banks on Thursday told the Supreme Court that the money lent to Future Retail Ltd (FRL) belonged to the depositors and to safeguard the “public interest”, the entire assets of FRL can be subjected to open bids by Amazon and Reliance with a reserve price of Rs 17,000 crore.
A bench headed by Chief Justice NV Ramana, hearing FRL's plea seeking a direction to the banks that no coercive action be taken against it for a certain time period due to non-payment of debt, did not pass any interim order and adjourned the hearing at the request of the company.
At the outset, senior advocate Harish Salve, appearing for FRL, said the hearing be deferred for a week or 10 days so that the company may try to work out some kind of settlement over payment of dues.
“Please give me a week or ten days and let me try talking to the banks and if I can get them some assurance and get to hold back something,” Salve said.
Senior advocate Rakesh Dwivedi, appearing for the consortium of banks, raised preliminary objections and said that FRL's plea was not maintainable as violation of fundamental rights cannot be alleged against banks acting out of contracts.
Banks' contracts involved depositors' interest and hence pertained to public interest which needed to be safeguarded first, he said. The entire assets of FRL can be subjected to open bids by Amazon and Reliance with a reserve price of Rs 17,000 cr and the bids in sealed cover be submitted in the apex court, he suggested.
"Whosoever bids high, let them take. We will get our money, and whoever bids high will get the Future", Dwivedi said.
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