Future Retail Ltd (FRL) today has filed an appeal against an order directing maintenance of status quo passed on Tuesday by the Single Judge bench of Justice Midha, on its Rs 25,000 crore retail stake sale deal with Reliance.
The appeal was brought up in an urgent mentioning before the bench of Chief Justice DN Patel and Justice Jyoti Singh and will be heard tomorrow.
The appeal which was urgently mentioned by Sr. Adv. Darius Khambata has been preferred under O.XLIII of the Civil Procedure Code. Khambata prayed for the case to be heard today itself in the afternoon, however, the bench has said it will hear the appeal tomorrow.
Hearing Amazon Inc’s plea against the Future Retail Ltd (FRL) and Reliance Industries’ retail stake sale deal worth Rs 25,000 crore approved by a Board Resolution of FRL last year, the Delhi High Court yesterday granted interim relief to Amazon directing all authorities and parties to maintain status quo on the deal until a detailed interim order on the case.
The bench of Justice Midha also gave a strong prima facie view in Amazon’s favour that as opposed to FRL’s plea that the Award was a nullity, the Emergency Award is in fact enforceable under Section 17 (2) of the Arbitration and Conciliation Act, and therefore directed FRL to bring on record all steps and actions taken by it towards the deal, after the award of the Emergency Arbitrator was passed on the arbitration on Oct 25, 2020.
