NEW DELHI: The Supreme Court on Wednesday allowed arbitration proceedings before Singapore International Arbitration Centre (SIAC) between e-commerce giant Amazon and Future Retail Limited.The top court then went on to dispose off the case before it.
“Parties will approach the tribunal to resume arbitral proceedings & the tribunal will consider the termination application by FRLas under Section 32(2) (c) of the Arbitration and Conciliation Act, 1996 on priority & pass orders.” The bench said. Chief Justice NV Ramana also remarked in a light vein that he hopes to not hear them on this case again.
The top court also transferred the application by Amazon relating to restraining FRL from alienating its assets to the Delhi High court. “These interim applications...parties agree that proceedings are underway before the single judge and thus these applications are also sent to the single judge bench of the High court.” CJI NV Ramana said.
The Supreme Court on Monday had noted that Future Retail Limited and Amazon LLC Holding have agreed to the arbitration proceedings at Singapore International Arbitration Centre (SIAC). Amazon had contended that the assets of FRL should remain with it till the matter is not concluded at the tribunal.
“There is a sudden handover of assets which should not be done. The assets have to remain in FRL.
We pray for restraint from any alienation of assets and should remain with FRL should not be magically switched to any party.” Senior advocate Gopal Subramanium appearing for Amazon had argued before the top court. While Future Retail’s counsel senior advocate Harish Salve had countered the same that they had not transferred its stores on its own accord but was done on the insistence of the landlords who hadn’t received their rent.
Amazon and Future group are engaged in litigation at multiple legal portals on the issue of FRL’s merger deal to the tune of Rs 24,713 crore with Reliance Retail Limited (RIL).The SIAC in 2020 restrained Future from selling its assets to RIL.