The Delhi High Court on Wednesday halted Future Group's ongoing arbitration proceedings in Singapore with Amazon in light of the Competition Commission of India's (CCI) suspension of a 2019 deal between the two sides. The case is further listed for hearing on January 12.
The HC, in its order, said that after CCI's order against Amazon, case prima facie is in favour of Future. It also said that balance of convenience is in favour of appellants.
The order comes after the Division Bench of Delhi High Court earlier today agreed to urgently hear on Wednesday itself an appeal of Future Group challenging single bench order.
Senior Lawyer Dayan Krishnan, who appeared for Future Group, mentioned the matter before the bench of Justice DN Patel and Justice Jyoti Singh stating that it is a "do or die" situation for them as the Singapore arbitration tribunal hearing on Amazon's case.
On Tuesday, the HC had dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further.
Amazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020, arguing that FRL had violated their contract by entering into the deal for the sale of its assets to billionaire Mukesh Ambani’s Reliance Retail on a slump sale basis for Rs 24,500 crore.
Amazon is objecting to the sell-off plans, accusing Future Group of breaching its 2019 investment pact. Future Coupons was founded in 2008 and is engaged in the business of marketing and distribution of gift cards, loyalty cards, and other reward programmes to corporate customers.
In October last year, the high court had refused to stay the arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained Future Group from going ahead the deal with Reliance.
Several issues arising from the Amazon-Future legal battle are pending before the Supreme Court.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today