New Delhi Sept 9 (ILNS)The Supreme Court today stayed the proceedings of the dispute between Amazon and Future Retail Limited pending before the Delhi High Court for four weeks.
Supreme Court bench of Chief Justice NV Ramana, Justice Surya Kant and Justice AS Boppana directed the National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and Securities and Exchange Board of the India (SEBI) not to pass any final order in relation to the dispute for four weeks.
The Supreme Court bench directions were passed while hearing the plea of Future Retail Limited (FRL) whereby the FRL has challenged the Delhi High Court order and stayed the proceedings in the dispute between Amazon and Future Retail Limited pending before the Delhi High Court for four weeks.
The Supreme Court has ordered a stay on the enforcement of the emergency arbitrator’s order by Delhi high court.
The plea by “Future Coupons, Kishore Biyani and his family members against the Delhi High Court order which had directed it to maintain status quo, restricting them from transferring the retail assets to “Restricted Person”, including the Mukesh Dhirubhai Ambani Group, MDA
On August 6, the apex court had allowed the appeal filed by Amazon against a Delhi High Court order staying the attachment of properties of Future Group companies and Kishore Biyani in relation to the Future-Reliance deal.
The Bench of Justice Rohinton Fali Nariman and Justice BR Gavai had also held that the order of an Emergency Arbitrator of Singapore restraining Future Retail from proceeding with its merger deal with Mukesh Ambani’s Reliance Retail is enforceable in India, under Section 17(2) of the Arbitration and Conciliation Act (Arbitration Act).
An emergency arbitrator’s award, the Court ruled, is very much an order under Section 17(1) of the Arbitration Act./ILNS/AV/SNG