MUMBAI (Reuters), Reliance Industries, which was filing an exchange filing on Saturday said that it could not implement its agreement with Future Group after the secured creditors rejected the deal.

“The shareholders, unsecured creditors and creditors of FRL have voted for the scheme. FRL secured creditors have opposed the scheme. Reliance stated that the scheme cannot be implemented due to these facts.

Lenders rejected Future amid legal challenges by Amazon.com Inc (NASDAQ) in the United States. Future was accused of violating contracts through dealing with Reliance. Reliance is run by Mukesh Ambani, India’s richest man.

After Future was severely affected by the pandemic, Reliance 2020 attempted to buy Future’s wholesale and retail assets for $3.4 billion.

Future Retail’s secured lenders on Friday refrained from the deal. Future is now facing the possibility of bankruptcy.