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Future and Amazon have been engaged in a legal tussle after the latter dragged the former into arbitration at the Singapore International Arbitration Centre (SIAC) on October 2020.
The National Company Law Tribunal (NCLT) rejects Amazon's plea challenging the decision of fair trade regulator, Competition Commission of India (CCI) to suspend the approval for the e-commerce major's deal with Future Coupons.
The hearing of Amazon's plea, initiating insolvency proceedings against debt-ridden Future Retail Ltd has been adjourned by the National Company Law Tribunal (NCLT) until June 14. A plea seeking initiation of insolvency resolution proceedings against Future Retail Ltd (FRL) was filed by Bank of India (BoI), the lead banker in the consortium of lenders of the company.
Amid intense competition in quick commerce and a gig worker crunch, we are seeing some interesting developments in the gig economy in India
FEL develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of Future Group’s retail business.