SC orders resumption of arbitration proceedings over Future Retail’s merger deal with Reliance Retail
Amazon had earlier sought resumption of the arbitral proceedings. It had asked the top court to freeze FRL’s assets so that it can claim it if it wins the arbitration.
FollowThe Supreme Court on Wednesday ordered resumption of arbitration proceedings over Future Retail’s merger deal to the tune of Rs 24,500 crore with Reliance Retail.
Amazon had earlier sought resumption of the arbitral proceedings. It had asked the top court to freeze FRL’s assets so that it can claim it if it wins the arbitration.
A bench comprising Chief Justice NV Ramana and Justices Krishna Murari and Hima Kohli took note of the consent of US e-commerce major Amazon and Future group over the resumption of arbitral proceedings before the Singapore International Arbitration Centre (SIAC).
The bench said the SIAC tribunal would pass an appropriate order on a plea of FRL filed under a provision of the Arbitration and Conciliation Act which provides for passing an order if the “arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible,” news agency PTI reported.
Earlier, the apex court had asked the Future Group and Amazon to jointly urge the Delhi High Court to first hear the enforcement petitions of Amazon which also relate to the preservation of assets of FRL.
Amazon and Future Group are engaged in multi-forum litigation on the issue of FRL’s merger deal with Reliance Retail Ltd after the US e-commerce giant dragged FRL into arbitration at the SIAC in October 2020, PTI stated.
