Future Retail Ltd. on Monday said Amazon has approached the Supreme Court against a Delhi High Court order that vacated the status quo on Future Group’s proposed Rs 24,713 crore-deal with Reliance Industries Ltd.
Amazon moves SC challenging Delhi HC order on Future Retail-RIL deal ANI | Updated: Feb 11, 2021 17:21 IST
New Delhi [India], February 11 (ANI): E-commerce giant Amazon on Thursday moved the Supreme Court challenging an order of the Delhi High Court allowing statutory authority, such as National Company Law Tribunal (NCLT) to hear Future Retail Limited s (FRL) application seeking approval to complete its Rs 24,731 crore asset sale deal with Reliance Retail.
Amazon has been seeking enforcement of an order of the emergency arbitrator (EA) at the Singapore International Arbitration Centre (SIAC) restraining FRL from taking any steps to transfer its retail assets.
On Amazon s plea, a Single Judge Bench of the Delhi High Court had on February 2 ordered FRL and various statutory authorities including NCLT and Securities and Exchange Board of India (SEBI) to maintain status quo with regard to its assets sale deal with Reliance Retail.
In a significant verdict, the Supreme Court has held that an order refusing to condone the delay in filing an appeal under Section 34 of the Arbitration and Conciliation Act 1996 is appealable under Section 37 of the Act. ..the question of law is answered by stating that an appeal under section 37(1)(c)of the Arbitration Act, 1996 would be maintainable against an order refusing to condone delay in filing an application under section 34 of the Arbitration Act, 1996 to set aside an award , observed a bench comprising
Justices RF Nariman, Navin Sinha and KM Joseph.
This important pronouncement settling a widespread confusion came in the case
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