NEW DELHI: Pushing for ownership over the litigation mired assets of Future Retail owned by beleaguered Biyani group, a consortium of 27 banks on Thursday told the Supreme Court that the best way out of the present mess is to ask both Reliance Retail and Amazon to make open competitive bids for Future Retail assets with a base price of Rs 17,000 crores.
The consortium, which also included 10 private and three foreign banks, through senior advocate Rakesh Dwivedi told a bench of Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli that the current outstanding against FRL is around 17,000 crores and that the loans were advanced between 2015-20, much before Amazon initiated Arbitration proceedings to shut out Reliance from acquiring Future's retail chain of stories.
