The Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.
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Last year, the Hong Kong Government and China’s Supreme Court agreed to an arrangement which makes it possible for parties to arbitral proceedings in Hong Kong to obtain interim orders (akin to interim injunctions) from courts in Mainland China. The formal name of the policy is “The Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region.”
This arrangement makes Hong Kong the only foreign seat of arbitration where parties can seek interim relief directly from Mainland Chinese courts. As such, it gives Hong Kong a unique competitive edge over other arbitral seats where one party is based in Mainland China. Before the arrangement was implemented, no formal mechanism existed to allow Mainland Chinese courts to grant interim relief in support of a foreignseated arbitration. The reverse situa
HC ask if Amazon, Future open to resolve issue relating to Reliance deal
By Mansoor| Published: 1st February 2021 9:32 pm IST
New Delhi: The Delhi High Court Monday sought to know whether US-based e-commerce giant Amazon and Kishore Biyani led Future Retail Ltd (FRL) were open to resolving the issue arising out of Rs 24,713 crore deal between FRL and Reliance Retail.
The counsel for both, Amazon and Future Group, submitted that they would seek instructions and inform the court on Tuesday.
The court was hearing a plea by Amazon seeking direction to order enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.
Synopsis
In case of a negotiation or settlement there would be “no further movement” on the deal, the court said, offering to set up a panel of two retired judges from the Supreme Court for seven to 10 days to explore potential settlement.
Justice JR Midha also told Future Retail that it should try to resolve matters with Amazon as it has taken money from the company and that there was no harm in making an endeavour to settle.
Future Retail to consider negotiations and settlement while hearing the American behemoth’s plea seeking the enforcement of the Emergency Award restraining Future Group from going ahead with its deal with Reliance Retail.
Updated Feb 01, 2021 | 20:29 IST
The Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them. HC ask if Amazon, Future open to resolve issue relating to Reliance deal | Photo Credit: IANS
New Delhi: The Delhi High Court Monday sought to know whether US-based e-commerce giant Amazon and Kishore Biyani led Future Retail Ltd (FRL) were open to resolving the issue arising out of Rs 24,713 crore deal between FRL and Reliance Retail. The counsel for both, Amazon and Future Group, submitted that they would seek instructions and inform the court on Tuesday.