Future Retail Ltd (FRL) has missed a due date to pay Rs 3,494.56 crore to banks and lenders as it was unable to sell assets because of the ongoing dispute with Amazon.

The Kishore Biyani group firm has filed a petition in the Delhi high court to terminate the arbitration proceedings with the US retail giant in the wake of last month’s order by the Competition Commission of India (CCI).

The competition regulator has suspended a 2019 deal between Amazon and Future Coupons Pvt Ltd (FCPL) struck in 2019. Amazon had acquired a 49 per cent stake in the promoter entity which gave it an indirect stake in Future Retail.

Amazon had cited terms of this deal to thwart the Rs 24,713-crore transaction between the Future group and Reliance that was announced in August 2020.

Because of the legal dispute between the Future group and Amazon, Reliance has extended the timeline to complete the deal to March 31, 2022.

The single judge bench of Justice Amit Bansal which heard the plea from Future Retail reserved orders on the matter which may be pronounced on Tuesday.

In a separate communication to the stock exchanges, Future Retail said it was scheduled to pay an aggregate amount of Rs 3,494.56 crore as defined in a one-time restructuring plan to a consortium of banks and lenders on or before December 31.

“Due to ongoing litigations with Amazon.com NV Investment Holdings LLC, the company was not able to complete the planned monetisation of the specified business as contemplated in OTR plan to discharge the aforesaid obligations to banks/lenders, on due date,’’ FRL said in the regulatory filing.

The company said it would be co-operating for completion of the monetisation of the specified business within the next 30 days as per directions of the banks. FRL also disclosed as per Reserve Bank of India (RBI) rules, it has a review period of 30 days from the due date to make the payment to these banks and lenders.

In April last year, lenders had approved the restructuring of the company’s debt under the RBI’s resolution framework for Covid-19 related stress.

The recast included its working capital loans, term loans, short-term loans, NCDs and unpaid interest. FRL had then reportedly had dues of around Rs 10,000 crore.

In October 2020, an interim award was passed by the emergency arbitrator of the Singapore International Arbitration Centre in favour of Amazon.

The arbitrator had barred Future REtail from taking any steps to dispose of or encumber its assets. This was later upheld by the Singapore arbitrator.