Amazonv Future Group News Today

The arbitration relates to a 2019 deal of Amazon acquiring a 49% stake in Future Coupons Private Limited and is one of the several legal disputes the companies are embroiled in.

The National Company Law Tribunal (NCLT), Mumbai Bench on ordered for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Future Retail.

History of the legal battle between Amazon and Future that started in 2020.

The Court noted that there were broadly four petitions four consideration and asked the counsel appearing for parties to submit a brief noted of their contentions.

Amazon has moved the Supreme Court challenging the Delhi High Court order which stayed the arbitration proceedings against Future Group before a Singapore tribunal.

Sources familiar with the development confirmed that an appeal has been filed in the NCLAT against the decision and the matter is likely to be taken up for hearing in the coming week.

The Delhi High Court will pronounce its order tomorrow at 4.30 pm in Future Group’s pleas seeking directions to arbitration tribunal in Singapore to deal with its termination application

The Delhi High Court agreed to hear Future Group’s petition seeking the termination of Amazon's case before an arbitral tribunal in Singapore.

The Supreme Court held that an “award” delivered by an emergency arbitrator under SIAC Arbitration Rules constitutes an order under section 17(1) of the Arbitration and Conciliation Act and would be enforceable as such.