New Delhi: Shock to Kishore Biyani Future GroupThe Delhi High Court on Tuesday dismissed the petitions filed by Future Retail (FRL) and future coupons (FCPL) which had earlier sought to end the arbitration proceedings with Amazon Singapore International Arbitration Center (SIAC).
It gives a new lease of life to the US e-tailer’s efforts to halt asset sales by Future Group, which also includes supermarket chain Big Bazaar. Reliance Retail In a deal worth Rs 25,000 crore.
Justice Amit BansalHC, which had reserved its order on January 3 on petitions filed by the two prospective companies, said it was not for the court to interfere with the determination of the arbitration proceedings.
Future Group had argued that there was no legal basis to continue with the arbitration as the Competition Commission of India (CCI) has suspended the FCPL deal with Amazon. Amazon, however, has legal options to appeal against the CCI order.
The HC noted that after reducing the hearing of expert witnesses to the stipulated four days, the tribunal has already fixed January 8 for hearing the termination application. Justice Bansal said, “Last-minute adjournment cannot be sought in respect of international commercial arbitrations of this magnitude, involving arbitrators, lawyers and experts of various jurisdictions.” Do not postpone the hearing of expert witnesses scheduled for this month.
“Accepting such request for adjournment, is bound to derail the arbitration proceedings as it is very inconvenient to fix new dates for the arbitration proceedings keeping in view the availability of all arbitrators as well as experts. would be more cumbersome,” the court said.
senior counsel Mukul RohatgiAppearing for the FCPL, it was argued before the High Court that the three-member arbitration tribunal had acted with prejudice by not deciding the issue of quashing the ongoing arbitration on priority basis.
It gives a new lease of life to the US e-tailer’s efforts to halt asset sales by Future Group, which also includes supermarket chain Big Bazaar. Reliance Retail In a deal worth Rs 25,000 crore.
Justice Amit BansalHC, which had reserved its order on January 3 on petitions filed by the two prospective companies, said it was not for the court to interfere with the determination of the arbitration proceedings.
Future Group had argued that there was no legal basis to continue with the arbitration as the Competition Commission of India (CCI) has suspended the FCPL deal with Amazon. Amazon, however, has legal options to appeal against the CCI order.
The HC noted that after reducing the hearing of expert witnesses to the stipulated four days, the tribunal has already fixed January 8 for hearing the termination application. Justice Bansal said, “Last-minute adjournment cannot be sought in respect of international commercial arbitrations of this magnitude, involving arbitrators, lawyers and experts of various jurisdictions.” Do not postpone the hearing of expert witnesses scheduled for this month.
“Accepting such request for adjournment, is bound to derail the arbitration proceedings as it is very inconvenient to fix new dates for the arbitration proceedings keeping in view the availability of all arbitrators as well as experts. would be more cumbersome,” the court said.
senior counsel Mukul RohatgiAppearing for the FCPL, it was argued before the High Court that the three-member arbitration tribunal had acted with prejudice by not deciding the issue of quashing the ongoing arbitration on priority basis.
,