New delhi (TIP)-A consortium of 27 banks on Thursday, Feb 3, told the Supreme Court 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. The Bench, also comprising Justices AS Bopanna and Hima Kohli, took note of the submissions and said the hearing may be deferred as it was FRL’s plea only.

                Source: PTI