The Supreme Court on Wednesday ordered resumption of arbitral proceedings earlier than the SIAC tribunal over Future Retail‘s merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd.
A bench comprising Chief Justice N V Ramana and Justices Krishna Murari and Hima Kohli took notice of the consent of US e-commerce main Amazon and Future group over the resumption of arbitral proceedings earlier than the Singapore International Arbitration Centre (SIAC).
The bench mentioned the SIAC tribunal would go an applicable order on a plea of FRL filed below a provision of the Arbitration and Conciliation Act which supplies for passing an order if the “arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.”
Earlier, the apex court docket had requested the Future Group and Amazon to collectively urge the Delhi High Court to first hear the enforcement petitions of Amazon which additionally relate to the preservation of belongings of FRL.
Amazon had moved the highest court docket in opposition to the January 5 order of the Delhi High Court, which stayed the proceedings earlier than the arbitral tribunal over Future Retail’s merger cope with Reliance Retail.
Amazon and Future Group are engaged in multi-forum litigation on the problem of FRL’s merger cope with Reliance Retail Ltd after the US e-commerce large dragged FRL into arbitration on the SIAC in October 2020.
