Amazon Fails to Halt India’s Future Retail Going into Bankruptcy

An Indian court agreed to send Future Retail Ltd. into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer that once operated the largest chain of department stores across the country and was the prized trophy for two retail sector giants.

The National Company Law Tribunal on Wednesday gave its verdict on a petition by Bank of India to start bankruptcy resolution process for the cash-strapped retailer. It dismissed allegations from the local unit of Inc. that Future Retail’s lenders were colluding with its founders to push the firm into insolvency.