The court will hear the matter on Monday. The city civil court in Mumbai has passed an ex-parte interim order in a plea filed by IDBI Trusteeship Services on behalf of its bondholders.
Senior Advocates Ravi Kadam and Vikram Nankani are appearing for Future Enterprises along with law firm Naik, Naik & Co.
Senior Counsel Navroz Seervai, along with law firm Keystone Partners, is appearing for IDBI Trusteeship Services.
Last month, IDBI Trusteeship Services Ltd, on behalf of its bondholders, had approached a lower court in Mumbai seeking an injunction against Future Group.
The lower court in Mumbai had restrained Future Group companies from carrying out any transaction with regards to the Future Generali India Insurance and adjourned the matter to March 10 for further hearing.
Lawyers for IDBI Trusteeship had argued that the bondholders had sent several letters to the company but failed to receive any response with regards to the transaction and hence they were compelled to file the suit. In January, Future Group announced that it plans to sell a 25% stake in its general insurance joint venture Future Generali India Insurance Co. Ltd to the Italy-based JV partner Generali Group for ₹1,252 crore.
Future Enterprises has two JVs with the Italian financial group – one in general insurance and one in life insurance.
ET had earlier reported that Future Enterprises also plans to sell its 33% stake in the life insurance JV with Generali in a bid to pare its debt. Future Group, which is facing financial woes, had in 2020 agreed to sell its retail assets to Reliance Retail, a unit of Reliance Industries, in an ₹25,000-crore deal. Amazon challenged it at various fora, alleging that the deal was in violation of an investment agreement it signed in 2019 with a promoter firm of FRL.