The CEO of Future Retail, has resigned amid a court dispute and debt collection

Nayak has been with Future Group for around 18 years and was promoted to CEO in late August. He was previously the president of Big Bazaar, Future’s small and large format grocery store chain.

The sale has been halted by Amazon, citing Future’s breach of contract, and the dispute is currently before India’s Supreme Court. Future has vehemently denied any misconduct on his part.

Future Group was severely impacted by the epidemic and has been unable to repay its debts. According to those acquainted with the situation, Indian lenders have started debt collection proceedings against Future Retail to protect their interests.