Pinnacle court closes arbitration case of future group and business giant amazon as arbitration goes to continue before SIAC
06-04-2022
According to the report, the apex court was previously informed that the 2 parties had agreed to resume the arbitration proceedings in SIAC.
The Supreme Court on Wednesday closed the dispute case between Amazon and Future Retail while directing the US e-commerce giant and Indian retail company to approach the tribunal led by the Singapore International Arbitration Centre (SIAC) for the resumption of proceedings during a dispute between the 2 companies, Moneycontrol reported.
According to the report, the apex court was previously informed that the 2 parties had agreed to resume the arbitration proceedings in SIAC. After the highest court took the stand of both parties under consideration, a proper order was issued. The apex court has also asked the tribunal to contemplate an application filed by the Kishore Biyani led Future group seeking the termination of proceedings under the supply of the Arbitration and Conciliation Act.
Another application filed by Amazon seeking interim relief to restrain alienation of Future Retail assets are put before the Delhi judicature. In February this year, the Delhi court stayed the arbitration proceedings before the SIAC tribunal after the long run group filed a plea.
In December last year, the competition commission of India (CCI), suspended its over-two-year-old approval for Amazon's deal to amass a 49-per cent stake in FCPL and FRL promoter, and also slapped a penalty of Rs 202 crore on the e-commerce major.
Amazon and Future retail are embroiled in a very legal tussle after Amazon alleged that Future Retail violated the terms of the contract between the 2 companies by offering its assets purchasable to Mukesh Ambani-led Reliance Retail for Rs 24,500 crore.
