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2022 (2) TMI 628
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.... Future Coupons Pvt. Ltd. (FCPL)Amazon agreements. 2. Amazon filed an application for emergency relief with the registrar of the SIAC court of arbitration seeking interim prohibitory injunction to prevent FRL and FCPL from taking further steps in the aforesaid transaction with the Reliance group. Parallelly, FRL filed a suit before the Delhi High Court in CS(COMM) No. 493 of 2020, against amazon for tortious interference in the scheme for the sale of assets. 3. Emergency Arbitrator, by order dated 25.10.2020, injuncted FRL from taking any steps to materialize the deal, including injunction against proceedings before various Regulatory authorities. However, by order dated 21.12.2020, Delhi High Court came to a conclusion that Regulator....
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....ly. This court by interim order dated 09.09.2021, passed the following order: "Heard learned senior counsel for the parties at length and carefully perused the material placed on record. Issue notice. Taking into consideration the submissions advanced by the learned senior counsel for the parties and particularly the fact that the parties have approached the Singapore International Arbitration Centre for vacating the Emergency Award passed by the Emergency Arbitrator and the arguments in the said matter have been concluded and the order is going to be pronounced shortly, 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. Or....
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....ation made herein." At the time of the arguments of these matters, learned Senior Counsel for the appellants argued vehemently for continuation of proceedings before the NCLT during the pendency of the above remanded matters. After reserving these matters, W.P. (C) No. 48 of 2022 was filed by Future Retail Limited and mentioned before this Bench on 27.01.2022. We are of the opinion that the facts pleaded and arguments raised in the writ petition may have a bearing on the abovementioned relief. We, therefore, consider it apposite to defer our orders in this context. We will consider this relief at the time of hearing of aforesaid writ petition. Post these matters along with W.P. (C) No. 48 of 2022. After the pronou....
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.... Admission of Petition and determination of date of final hearing by NCLT 12 Advertisement in newspaper of final hearing of petition (not less than 10 days before the final hearing) 13 Notice of final hearing also to be given to the regulators/ objectors from whom the representation is received 14 Filing of Affidavit confirming service of notice, publication of advertisement (at least 3 days before the hearing) 15 Final hearing of petition by NCLT for approval of the scheme 16 After hearing, passing of final order sanctioning the scheme Mr. Salve stated that it would take six to eight months for completing all the fifteen steps set out above. He finally submitted that it is only when the final Scheme is sa....
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.... Mr. Ranjit Kumar, learned Senior counsel appearing for the Amazon, submits that FRL has already undertaken to complete eight out of the fifteen steps listed above. 15. The aforesaid submission, is also accepted by Mr. Harish Salve, learned Senior Counsel appearing for FRL, that the proceedings before the NCLT have reached the stage listed at serial no. 8 (Meeting of the shareholders and creditors) as indicated in the abovementioned chart. He further contended that it would take 68 months to complete the entire process and for actual sanctioning of the Scheme by the NCLT. In this context, if an order is passed, by the Arbitral Tribunal, in favour of FRL, then it will be difficult to initiate fresh proceedings before NCLT at that stage. I....