Although calling an agreement with retail in the future, Reliance Industries still runs with 947 small and large formats that have been occupied by retail stores in the future.According to sources close to reliance, lenders’ decisions to choose against the agreement ₹ 24.713-crore with retail in the future will not have an impact on the steps to take over the store rental. “The shop owners end the rent with retail of the future because they cannot pay rent and rent the same shop as us. It is separated from the mergger agreement that was announced earlier with the future,” said the person.
In February, Forwline has reported that several stores in the future of Big Bazaar and Brand Factory among other brands under future retail umbrellas have been taken over by RealINch.Retail in the future has been default in payment of contributions to the owner of the rented place and many have started the termination of the rental agreement for the resources of the building. Reliance stepped to take over the rent and then exceeded all of these places back to FRL so that the business can continue.
Reliance has taken more than 342 large format stores, such as Big Bazaar, Fashion, Big Bazaar (FBB) and 493 small format stores such as easyday and heritage shops). However, the lender for retail in the future has objected to the transfer of these shops and asked the company to bring them back. After this, retail in the future has written a letter to the reliance industry who asked him to restore assets and inventory of 900 stores
Legal experts’ take
Law experts say the rejection of the merger agreement will not have an impact on the independent contract rental agreement which is inserted between dependence and each lessors.”In cases where previous leases between the future and such lessors have been stopped or have ended, dependence can choose to enter the new lease contract, open the retail store and run a retail business,” said Ketan Mukhija, partner Partners, Legal Links.
On the other hand, lenders have also issued public notifications that inform you that they have ‘safe accusations’ on fixed assets that can be moved and smooth assets (including receivables, stocks, spare parts, inventory, cash flow) from FRL.In fact, last week, India’s state bank wrote a letter to the accountability of retail search in the future in the company’s shops taken over by Mukesh Reliance owned by Ambani. SBI asserted that lenders have the right to stock, assets remain engaged in all company outlets, and in the case of sales, all results will need to be used to resolve their contributions.
Lenders are now in the midst of dragging the retail future to the bankruptcy court when the company that lacks debt has by Kishore Biyani owes more than ₹ 16,000 crore to lenders.