Amazon and Future Group have been in a legal tussle ever since it struck a deal to sell its assets to Mukesh Ambani’s Reliance Retail.
The Delhi High Court on Wednesday stayed the Amazon-Future arbitration, which is ongoing before a three-member arbitral tribunal on the Rs 24,500-crore deal with Reliance.
The High Court had also stayed the January 4 order of the single judge. Two arguments of Future Group rejected Seeking a direction to the arbitration tribunal, to decide on Amazon’s objections against the earlier deal with Reliance, to decide on its application to quash the arbitration proceedings before proceeding further.
A bench of Chief Justice DN Patel and Justice Jyoti Singh said that the appellant is a prima facie case in favor of Future Retail Limited (FRL) and Future Coupons Private Limited (FCPL) and if stay is not granted, it will cause irreparable damage. To those.
Listing the matter for further hearing on February 1, the bench said, “We stay the further proceedings of the arbitral tribunal till the next date of hearing and we also extend the order of January 4 of the single judge till the next date of hearing.” stop it.”
The High Court also issued a notice to Amazon.com NV Investment Holdings LLC on appeals filed by FRL and FCPL challenging the single judge’s order.
Amazon and Future Group have been locked in a bitter legal tussle after the US e-commerce giant was dragged to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020. Amazon argued that FRL violated their contract by entering into a deal. Billionaire Mukesh Ambani’s Reliance Retail to sell ₹24,500 crore based on declining asset sales.
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