Amazon v. Future: Supreme Court stays proceedings before Delhi HC, orders no coercive action

The Supreme Court today stayed the proceedings in the dispute between Amazon and Future Retail Limited pending before the Delhi High Court for four weeks. The Supreme Court has ordered a stay on the enforcement of the emergency arbitrator’s order by the high court..We think it fit to balance the interest of both the parties by staying all further proceedings before the Delhi High Court for the time being. Ordered accordingly. We further direct to all the authorities i.e. NCLT, CCI and SEBI not to pass any final order for a period of four weeks from today," reads the order..The Bench of Chief Justice of India NV Ramana and Justices Surya Kant and AS Bopanna also directed the National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and Securities and Exchange Board of the India (SEBI) not to pass any final order in relation to the dispute for four weeks."Nothing will happen in four weeks. Issue notice. Taking into consideration the challenge to Emergency Arbitrator award is pending before tribunal under SIAC Rules," the Court noted..The Court was hearing a plea filed by Future Coupons Private Limited against a Delhi High Court single judge order which had put on hold Future Group’s deal to sell its retail assets to Reliance Retail..On August 6, the apex court had allowed the appeal filed by Amazon against a Delhi High Court order staying the attachment of properties of Future Group companies and Kishore Biyani in relation to the Future-Reliance deal.The Bench of Justices Rohinton Fali Nariman and BR Gavai also held that the order of an Emergency Arbitrator of Singapore restraining Future Retail from proceeding with its merger deal with Mukesh Ambani's Reliance Retail is enforceable in India, under Section 17(2) of the Arbitration and Conciliation Act (Arbitration Act).An emergency arbitrator's award, the Court ruled, is very much an order under Section 17(1) of the Arbitration Act..[BREAKING] Supreme Court rules in favour of Amazon, holds Singapore Emergency Arbitrator award against Future -Reliance deal enforceable in India.[Read Order]