An Indian court on Wednesday ordered the initiation of insolvency process against Amazon’s estranged partner Future Retail in yet another setback for the American e-commerce group in the key overseas market.
The National Company Law Tribunal’s verdict (PDF) on the petition filed by Bank of India will allow the creditors to find a new owner for Future Retail, which once ran India’s second largest retail chain and attempted to sell most of its business to Reliance Industries for $3.4 billion. Amazon India, long stuck in the legal battle with Reliance and Future, had filed an interven
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Indian court agrees to send Future Retail into bankruptcy in another setback for Amazon
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