The divisional bench of the Delhi High Court has stayed Justice Midha’s order upholding the interim award of the Singapore International Arbitration Centre’s (SIAC) Emergency Arbitrator, thus adding a twist in the Future Retail-Amazon case.

 

shineprojects-big-bazaar-blog148

 

The attachment of assets of the promoters and directors of the Future Group was stayed by the division bench, including Chief Justice D N Patel and Justice Jasmeet Singh. The bench issued notice to Amazon inquiring an answer on Future Group's petition challenging the March 18 judgment on the deal made by a single judge. The SIAC’s interim award was against the Rs 25,000-crore asset sale between Future Retail and Reliance. Apart from that, Justice Midha’s order also imposed a fine of Rs 20 lakhs on Future Group and its promoters, including Kishore Biyani, for violating the EA’s interim award. Amazon responded that it will file another application in the Supreme Court to implement Justice Midha’s order. The counsel for Amazon has proposed filing another application before SC for the execution of the order.

Harish Salve appeared on behalf of Future Retail announcing that this matter was being heard in the top court of India. Amazon had filed a Special Leave Petition (SLP). According to the Supreme Court’s interim order in the related case, the NCLT is permitted to continue its proceedings. Still, it has been directed not to pass a final order in the matter to sanction the scheme. The arbitration procedures in SIAC are expected to begin by the end of this month, as all the parties are filing their submissions.

  •   
  •   
  •   
  •