New Delhi: The Supreme Court on Tuesday set aside the order of the Delhi High Court which refused to stay the order of an arbitration tribunal refusing to interfere with the emergency award (EA) of the Singapore International Arbitration Center (SIAC). Had given.
The top court asked the Delhi High Court to “consider the issues and pass an order on its merits unaffected by the observations.”
The top court was hearing a batch of petitions, including a fresh petition by Future Group, against the High Court’s order dismissing its plea to stay the arbitration tribunal’s decision refusing to interfere with the EA of SIAC. which prevented it from proceeding further. 24,731 crore merger deal with Reliance Retail
SIAC had given relief to US e-commerce major Amazon by preventing Kishore Biyani’s Future Group from going ahead with the merger deal of Future Retail Ltd (FRL) with Reliance Retail. Amazon had dragged Future Group to arbitration in SIAC in October last year, arguing that FRL had breached their contract by making a deal with rival Reliance Retail.
Amazon had argued that the deal between the two Indian entities violated the terms of the contract, which barred the Kishor Biyani-led company from making a deal with Mukesh Ambani’s business.
Separately, the top court also heard Future Retail’s plea, seeking quashing of letters from lenders threatening to tag the company as a non-performing asset. The court asked the lenders to file a reply as to why coercive measures could not be avoided. The banks had argued that the company had defaulted on its dues as per the revised framework for repayment.
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