New Delhi-Delhi courts suspend arbitration proceedings between Indian conglomerate Future Group and its marginalized US partner Amazon.com by antitrust authorities in 2019 Stopped in consideration of.
Wednesday’s decision is a retreat for US e-commerce giant Amazon, which successfully used the terms of its 2019 investment in Future units to thwart Indian companies’ attempts to sell retail assets to rivals.
However, while the Competition Commission of India (CCI) suspended trading in 2019 last month and is seeking clearance, Future will continue arbitration between the two in Singapore because of Amazon’s restraint of information. He insisted that there was no basis.
Bench, two judges, led by Chief Justice DN Patel of the Delhi High Court, agreed with Future’s allegations and put the arbitration proceedings on hold. If the procedure is not aborted, Judge Patel said this would result in “irreparable losses” to Future.
“We will continue here with further proceedings of the arbitral tribunal until the next trial day,” Patel said, adding that the court will be reconvened on February 1 to re-trial the case.
Future and Amazon did not respond to requests for comment.
According to sources familiar with the case, Amazon is likely to legally challenge the decision of the Delhi High Court.
Long-term disputes are being tried by the Singapore Arbitration Commission, but the so-called “arbitration seat” is in New Delhi, which means that the proceedings are in compliance with Indian law.
Amazon has long claimed that Future has violated the 2019 terms and conditions of deciding to sell retail assets to Reliance Industries, and the U.S. company’s position so far has been Singapore’s arbitrator and India. Was endorsed by the court of the United States. Future denies cheating.
The controversy over Future Retail, which has more than 1,500 supermarkets and other stores, is the flash point between Jeff Bezos’ Amazon and the reliance run by big-name Mukesh Ambani, giving him an edge in Indian retail. I am aiming.
Future approached the Delhi High Court after the Singapore Arbitration Commission disagreed with the immediate request to terminate the proceedings after the 2019 antitrust suspension of transactions.
Amazon said it would legally challenge the suspension of CCI for transactions in 2019.
Future says it is looking to liquidate if the Reliance’s asset sale agreement fails after the retail industry has been hit hard during the COVID-19 pandemic.
By Aditya Kalra and Abhirup Roy
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