Bankers In A Huddle As Court Rulings Threaten Over $6 Billion In Loans
NDTV
Supreme Court has blocked Future Group's $3.4 billion retail assets' sale to Reliance Industries, jeopardising nearly $2.69 billion it owes to banks.
Informal talks are taking place to deal with the fall-out from two rulings by Supreme Court that threaten the repayment of loans totalling nearly 500 billion rupees ($6.73 billion) to some of the country's largest banks, bankers close to the matter say. Any failure to recoup the money adds to stress in the banking sector, which is already dealing with an increased level of bad loans and reduced profits because of the impact of the pandemic. Last week, Supreme Court effectively blocked Future Group's $3.4 billion sale of retail assets to Reliance Industries, jeopardising nearly $2.69 billion the retail conglomerate owes to banks. That ruling was delivered days after the Supreme Court rejected a petition to allow telecom companies to approach the Department of Telecommunications to renegotiate outstanding dues in a long-runinng dispute with telecom players.More Related News