Future Group Chairman Kishor Biyani has said many times that if this deal is not done with Reliance, then the problem of repaying the debt will arise in front of him.
These 2 decisions of the Supreme Court should not become a problem for the banks
In the last few years, the Supreme Court has taken many such important decisions, which have not only affected the general public, but its impact on the banks of the country can also be seen in the coming times. Two such decisions were taken by the Supreme Court. One of these decisions was the Amazon-Future deal and the second decision was to reject the AGR petition of telecom companies. After these two decisions taken by the Supreme Court, the troubles of the banks of the country may increase in the coming times. Actually, the entire amount of $ 6 billion of the banks is related to these deals. If after this decision a crisis arises on the banks regarding this loan, then the condition of the country’s banking sector will collapse.
In fact, only last week, an important decision has been taken by the Supreme Court on the Amazon-Future deal. The Supreme Court had stayed the sale of assets worth $3.4 billion of Future Group to Reliance Industries. The impact of this decision of the Supreme Court will be on the banks because Future Group owes a loan of $ 2.69 billion to Indian banks.
Telecom sector will also create trouble
The country’s telecom sector, already facing difficulties, had filed a petition in the Supreme Court regarding the huge arrears of AGR. This petition was dismissed by the Supreme Court. Big companies in the telecom sector in India have been struggling with the government over the AGR dues in the long run. If we talk about the country’s third largest telecom company, then it has a loan outstanding of about $ 4 billion. At the same time, the government also owes billions of dollars in the form of AGR and other items. In such a situation, if the company sinks, then the bank as well as the government may have to face huge losses.
Trouble will increase with Future Group and Vodafone
Banks have a loan of about $2 billion on Future Group, which has been recently restructured. After the loan is restructured, the bank has given the company two years to repay it. But after the decision of the Supreme Court, it may appear hanging in the balance. Future Group Chairman Kishor Biyani has said many times that if this deal is not done with Reliance, then the problem of repaying the debt will arise in front of him. Similarly, Vodafone-Idea chairman Kumar Mangalam Birla has also appealed to the government, but after not getting a response from the government, he finally resigned as chairman. Now see what strategy the banks adopt to recover their loans after these two crops of the Supreme Court.
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