NEW DELHI: In a big setback to Amazon, the division bench of Delhi High Court on Wednesday stayed the Amazon-Future Group arbitration in the Singapore International Arbitration Centre (SIAC) in light of the Competition Commission of India’s suspension of a 2019 deal between the two companies.
The bench also stayed the January 4 order of a single bench of the High Court, which had dismissed Future’s plea to terminate the Singapore International Arbitration Centre (SIAC) arbitration. The next date of hearing is now February 1, 2022.
A day after the High Court dismissed Future group’s plea seeking to end Amazon arbitration, Future Retail and its promoters on Wednesday filed appeals before the division bench of the Delhi High Court challenging the order.
The court in its order said that it would be in the interest of justice to grant a stay as the balance of convenience leaned in favour Future group.
With this latest order, options for Amazon to get a redressal against the CCI order keeping in abeyance the Future Coupon Private Ltd deal are drying up.
The company has now no option but to wait for February 1 when the matter would be taken up by Delhi High Court again.
The e-commerce giant may not also get any respite by moving to the Supreme Court with an appeal as the SIAC would anyway halt the arbitration proceeding, which was to start on January 5.
Amazon in December had appealed SIAC against the penalty levied by CCI after the antitrust agency had put into “abeyance” its 2019 approval for Amazon’s investment in Future Coupons (FCPL).
Future also moved SIAC, on December 31, asking that it terminate the arbitration proceedings and hear its plea of termination before the SIAC hears Amazon’s plea of penalty revocation.
However, the plea was rejected by the tribunal. SIAC had said that it would go ahead with the arbitration case from Jan 5 and hear the termination plea only on Jan 8.
Future had moved Delhi High Court requesting the court to ask SIAC to hear the termination plea ahead of the arbitration case.
Approaching SC not an option for Amazon
Legal options for Amazon against CCI order keeping in abeyance the Future Coupon deal are drying up. Amazon may not get any respite by moving to the Supreme Court as the SIAC would anyway halt the arbitration proceeding, which was to start on January 5