The Supreme Court on Wednesday said it will hear Amazon and Future group’s matter only after the NCLAT has passed an order. on the US retail giant’s plea Achallenging a December order by the Competition Commission of India (CCI) which has put its 2019 deal with Future Coupons Pvt. Ltd. in abeyance.
On Wednesday, the Bench headed by Chief Justice N V Ramana suggested the NCLAT to make a quick decision on Amazon’s plea. The Supreme Court was hearing the plea seeking overturning of HC’s stay on arbitration proceedings in the Singapore tribunal.
The top court said the matter is incumbent on orders in Amazon’s challenge to CCI’s suspension of the deal, pending hearing at NCLAT this Friday. The SC adjourned the matter to March 9.
Future Retail has as many as 1,388 stores across more than 400 cities.
The Kisore Biyani-led company has been facing acute cash crunch since 2020. The Covid-19 pandemic worsened situations for the retail company, post which it had agreed to sell its assets to Reliance Retail in August 2020.
Reliance had said that it would acquire the retail and wholesale business as well as the logistics and warehousing business of Future Group for ₹24,731 crore.
The completion of the deal has been delayed by legal issues between Amazon and Future Group. Amazon had claimed that when it entered in a deal with Future Group’s Future Coupons Private Limited in 2019, it had put a clause stating that Future Retail could not enter into a deal with restricted companies, including Reliance.
Amazon later dragged Future Group to arbitration where it was awarded an interim relief in its favour. Amazon then moved Indian courts to implement the said order which was challenged by Future Group.