The Supreme Court on Wednesday told e-commerce giant Amazon and the Future group to approach the Singapore tribunal for resuming arbitration proceedings initiated by the American company against the Rs 24,500-crore merger deal between FRL and Reliance Retail.
The top court, however, asked the tribunal to give priority to the termination application by FRL.
A bench presided over by Chief Justice N V Ramana took into consideration consent terms given by Amazon and Future group over the resumption of arbitral proceedings before the Singapore International Arbitration Centre (SIAC).
"The parties will approach the tribunal to resume arbitral proceedings and the tribunal will consider the FRL’s termination application under Section 32(2) (c) of the Arbitration and Conciliation Act on priority and pass orders," the bench said.
“I hope we don't have to hear this case again,” the CJI said at the end of the hearing.
The top court also transferred Amazon’s application seeking to restrain FRL from alienating its assets to the Delhi High Court.
The application was filed in the wake of more than 830 FRL stores being taken over by Reliance Industries.
The tribunal had rescheduled its hearing in the arbitration case for May after the Delhi High Court had on January 5 stayed its proceedings citing a Competition Commission of India order that had suspended its clearance given to Amazon's Rs 1,400 crore investment in Future Coupons in 2019.
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(Published 06 April 2022, 06:48 IST)
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