Future Group challenges Delhi High Court order
Kishore Biyani-led Future Retail Limited (FRL) on Wednesday filed an appeal before a division bench in the Delhi High Court against the ‘status quo’ order on a $3.4 billion deal for the sale of its retail assets to Reliance Industries Ltd.
A bench of chief justice DN Patel and justice Jyoti Singh will hear the matter on Thursday.
Senior advocate Darius Khambata mentioned the matter urgently and urged it to hear the plea on Wednesday itself. “FRL will be saved from insolvency. The matter is coming up tomorrow otherwise,” Khambata said.
However, opposing the urgent mentioning, senior advocate Rajiv Nayyar for Amazon told the court that procedure should be followed. Following this, the bench said, “Tomorrow” and posted the matter for Thursday.
In an interim order passed on Tuesday, Justice JR Midha ordered Future Retail to maintain status quo on the assets starting at 4.50 pm on Tuesday, until “the pronouncement of the reserved order” while acting on a petition by Amazon.com Inc, which has alleged that the deal was in violation of its own contract with Future. “Contrary to reports carried in a section of the media, Amazon has not only been committed to an early resolution of the dispute with Future but had continued to be willing to support FRL even during the temporary financial challenges posed by COVID,” an Amazon spokesperson said.