Muristek
Amazon-Future dispute: SC asks parties to resume arbitration at SIAC over FRL merger with Reliance Retail
New Delhi, April 6
The Supreme Court on Wednesdaydisposed of the Amazon-Future dispute as the parties agreed to approachSingapore International Arbitration Centre (SIAC) for resumption of arbitral proceedings over Future Retail's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd.
Amazon and Future Group have been engaged in multi-forum litigation on the issue of FRL's merger deal with Reliance Retail Ltd after the US e-commerce giant dragged FRL into arbitration at the SIAC in October 2020.
Taking note of the consent of Amazon and Future group over the resumption of arbitral proceedings before SIAC, a Bench led by Chief Justice of India NV Ramana on Wednesday said the SIAC tribunal would pass an appropriate order on FRL's plea under the Arbitration and Conciliation Act which provides for passing an order if the "arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible".
The court had earlier asked the Future Group and Amazon to jointly urge the Delhi High Court to first hear the enforcement petitions of Amazon which also relate to the preservation of assets of FRL.
Amazon had moved the top court against the January 5 order of the Delhi High Court, which stayed the proceedings before the arbitral tribunal over Future Retail's merger deal with Reliance Retail.