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NEW DELHI: The Supreme Court on Tuesday set aside orders by Delhi high court which had declined a stay on an arbitration tribunal decision refusing to interfere with the Emergency Award (EA) of the Singapore International Arbitration Centre (SIAC).
The apex court asked the Delhi high court “to consider issues and pass an order on its own merits uninfluenced by observations."
The apex court was hearing a batch of pleas including a fresh petition by Future Group against the high court's order declining its plea for stay on an arbitration tribunal decision refusing to interfere with the SIAC's EA, which restrained it from going ahead with a ₹24,731 crore merger deal with Reliance Retail.
The SIAC had granted relief to US e-commerce major Amazon by restraining Kishore Biyani's Future Group from going ahead with merger deal of Future Retail Ltd (FRL) with Reliance Retail. Amazon had dragged Future Group to arbitration at SIAC in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance Retail.
Amazon had argued that the deal between the two Indian entities violated contractual terms, which prevented the Kishore Biyani-led company to enter a deal with Mukesh Ambani's business.
Separately, the apex court is also likely to hear a today plea by Future Retail seeking to quash lenders' letters threatening to tag the company as a non-performing asset.
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