Future Retail Ltd. informed the exchanges on Wednesday that this week's scheduled arbitration proceedings to be held in the case brought against it by Amazon.com NV Investment Holdings LLC stand cancelled.
Earlier in the day, a division bench of the Delhi High Court stayed the arbitration proceedings till the next date of hearing—Feb 1. The bench led by Chief Justice DN Patel and Justice Jyoti Singh granted the stay in an interim order on petitions filed by Future Coupons Pvt. and FRL, both entities of the Kishore Biyani-led Future Group.
The two Future entities approached the court seeking its direction to the Singapore International Arbitration Centre to hear their termination of arbitration petitions first, before proceeding with the rest of the hearings for this week.
The tribunal had, in a schedule set months ago, determined Jan. 5-8, 2022, to hear expert witnesses on quantum of damages in the matter. On Jan. 1, it informed Amazon and Future Group entities that it would hear the termination applications on Jan. 8. It offered to hold the hearing on Jan. 4 but FRL's counsel was unavailable.
Not satisfied, the two Future Group entities moved the Delhi High Court seeking that the tribunal be directed to hear the termination applications first, before proceeding with expert witnesses' testimony.
On Jan 4., a single judge bench of the court rejected the Future Group petitions and refused to intervene in the arbitration proceedings as the tribunal had already set a date to hear the termination applications.
The Future Group entities then appealed to the division bench and won an interim stay.
"In view of this order, the Arbitral Tribunal has terminated the Arbitration proceedings scheduled between Jan. 5 to 8, 2022, until further orders." FRL informed the exchanges.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
