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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 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.
FEL develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of Future Group’s retail business.
For more than a year, Amazon and Future Group have been in a legal stand-off that has stalled Future's $3.4 billion sale of assets to Reliance Industries.
The Amazon-Future arbitration which is going on before a three-member arbitration tribunal over the latter's Rs 24,500-crore deal with Reliance was halted by the Delhi High Court today.