Mumbai The Mumbai bench of the National Company Law Tribunal (NCLT) on Monday said it will hear the intervention application of Amazon.com Inc which had opposed the bankruptcy petition of Bank of India against Future Retail Ltd (FRL).
A bench headed by Justice Pradeep Narhari Deshmukh said, “We will first consider the petition of Amazon and then consider the insolvency petition.”
The bench has posted the matter for further hearing on Friday.
On April 14, Bank of India, the lead banker of the lender’s consortium to the retailer, filed a petition before the NCLT to initiate insolvency proceedings against FRL.
However, Amazon had filed an intervention application and asked the court to make it a party to the case.
It filed a petition that essentially opposed the bankruptcy petition alleging that a consortium of 26 banks colluded with Future Group to obstruct and deny Amazon rights.
Senior advocate Ravi Kadam, representing Bank of India, opposed Amazon’s plea on the matter, terming it a “useless” application.
On Monday, objecting to the sustainability of Amazon’s petition, Kadam reiterated that Amazon should not be allowed to interfere in the matter and declined to respond to any application by a third party (Amazon).
He also said that Amazon’s application was an attempt to delay insolvency proceedings against FRL.
The senior counsel also told the tribunal that the lender had also filed an injunction against the disposal of Future Group assets.