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‘Will enforce single judge order if stay not granted’
On March 18 this year, the single judge had upheld the Singapore’s Emergency Arbitrator’s (EA) order stalling the $3.4 million deal between Kishore Biyani led FRL and Mukesh Ambani led Reliance Retail Limited.
The Delhi high court on Tuesday gave four weeks to Future Retail Ltd (FRL) to obtain a stay order from the Supreme Court failing which it will restore the order stalling the $3.4 billion deal with Reliance Retail Limited.
Justice Suresh Kumar Kait, hearing US-based Amazon’s plea for enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining FRL from going ahead with the deal, said that in the absence of any stay from the Supreme Court, he has no option but to enforce the order passed by Justice JR Midha on March 18.
“Either get a stay within 2-3 weeks on March 18 order or comply with the order. This court has no third option,” the judge said.
“I make it clear that if before the next date of hearing the respondents fail to get any stay order, this court shall proceed with the matter for implementation of the order dated March 18, 2021,” the court said posting the matter for September 17.
On March 18 this year, the single judge had upheld the Singapore’s Emergency Arbitrator’s (EA) order stalling the $3.4 million deal between Kishore Biyani led FRL and Mukesh Ambani led Reliance Retail Limited.
The court had also sought to know as to why the owners and directors should not be kept in civil detention for three months for their “deliberate” and “willful” violation of the EA’s order while imposing a cost of ₹20 lakh on them.
Justice JR Midha had directed FRL not to take any further steps in the violation of the SIAC order while also asking it to approach all the competent authorities to recall the orders passed in their application in violation of the EA’s order within two weeks. It had also asked FRL to file an affidavit declaring all its assets within 30 days.
On Tuesday, senior advocate Parag Tripathi, representing Future Coupons Pvt Ltd (FCPL) and other related parties, said that a special leave petition against the March 18 order has already been filed before the Supreme Court by his clients.
Senior advocate Darius Khambata, representing FRL, said that his client has moved an application before the arbitration tribunal and will also file an appeal before the apex court.
Considering that the March 18 order on the legality of the emergency award was upheld by the Supreme Court on August 6, his clients still had time till August 20 to comply with the directions in terms of the order, he added.
