Future Retail Ltd. knowledgeable the exchanges on Wednesday that this week’s scheduled arbitration proceedings to be held within the case introduced in opposition to it by Amazon.com NV Funding Holdings LLC stand cancelled.
Earlier within the day, a division bench of the Delhi Excessive Court docket stayed the arbitration proceedings until the following date of listening to—Feb 1. The bench led by Chief Justice DN Patel and Justice Jyoti Singh granted the keep in an interim order on petitions filed by Future Coupons Pvt. and FRL, each entities of the Kishore Biyani-led Future Group.
The 2 Future entities approached the courtroom in search of its course to the Singapore Worldwide Arbitration Centre to listen to their termination of arbitration petitions first, earlier than continuing with the remainder of the hearings for this week.
The tribunal had, in a schedule set months in the past, decided Jan. 5-8, 2022, to listen to professional witnesses on quantum of damages within the matter. On Jan. 1, it knowledgeable Amazon and Future Group entities that it could hear the termination purposes on Jan. 8. It supplied to carry the listening to on Jan. 4 however FRL’s counsel was unavailable.
Not happy, the 2 Future Group entities moved the Delhi Excessive Court docket in search of that the tribunal be directed to listen to the termination purposes first, earlier than continuing with professional witnesses’ testimony.
On Jan 4., a single choose bench of the courtroom rejected the Future Group petitions and refused to intervene within the arbitration proceedings because the tribunal had already set a date to listen to the termination purposes.
The Future Group entities then appealed to the division bench and gained an interim keep.
“In view of this order, the Arbitral Tribunal has terminated the Arbitration proceedings scheduled between Jan. 5 to eight, 2022, till additional orders.” FRL knowledgeable the exchanges.