The Supreme Court has issued a notice to Future Group on an appeal of e-commerce giant Amazon against the order of the Delhi High Court on January 5 staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail’s Rs 24,500-crore merger deal with Reliance Retail.
A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli issued notices to the Future group firms and listed the plea for hearing on February 23.
The Delhi High Court on January 5 had stayed the Amazon-Future arbitration which is going on before a three-member arbitral tribunal over the latter’s Rs 24,500-crore deal with Reliance.
Amazon and the Future Group are engaged in the legal battle for over a year as the e-commerce giant is opposing the merger of Future Retail with its competitor Reliance Retail.
On January 25, Future Retail moved the Supreme Court seeking protection from being declared a defaulter for failing to pay loan dues of Rs 3,494.56 crore to its 26 lenders.
The company — while making the RBI and 26 banks including SBI, IndusInd, DBS, HDFC, Union Bank of India, as respondents in its petition — told the SC that despite being aware of the impact of Covid-19 pandemic on its business/stores and also the freeze on the sale of its small-format stores due to its ongoing dispute with Amazon, the lenders sent default notices to it last month.
-with PTI inputs