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regular-article-logo Friday, 22 November 2024

Supreme Court will hear Amazon after NCLAT ruling

Plea challenges CCI’s order withdrawing approval to the US retailer’s investment in Future Coupons Ltd

Our Legal Correspondent New Delhi Published 24.02.22, 02:23 AM
The apex court deferred the hearing on Amazon’s plea seeking resumption of arbitration till March 3.

The apex court deferred the hearing on Amazon’s plea seeking resumption of arbitration till March 3. File Photo

The Supreme Court on Wednesday asked Amazon and Future Retail to request the NCLAT to give its ruling before it considered Amazon’s suit seeking resumption of arbitration proceedings in Singapore that have been halted by a Delhi high court order.

The National Company Law Appellate Tribunal (NCLAT) is due to hear on Friday a petition on Amazon’s plea challenging CCI’s order withdrawing approval to the US retailer’s investment in Future Coupons Ltd.

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The apex court deferred the hearing on Amazon’s plea seeking resumption of arbitration till March 3.

The apex court said the NCLAT verdict has a bearing on the present special leave petition (SLP) filed by Amazon challenging the January 5 stay imposed by the Delhi high court on the arbitration.

“Having heard learned senior counsel appearing on behalf of both the parties, it appears from their submissions that, to a certain extent, the order to be passed by the NCLAT in the appeal filed challenging the order of the Competition Commission of India (CCI) may have some bearing on the present special leave petitions,” the Supreme Court said.

“In view of the above, we direct the parties to make a request before the NCLAT for early disposal of the matter, pending adjudication before it,” the court said.

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