US ecommerce giant Amazon today proposed to hold talks with the Future group in an attempt to arrive at an amicable solution to the ongoing dispute between the parties.
Senior counsel representing Amazon, Gopal Subramanium, proposed before the Supreme Court today that the parties hold informal talks without mediators in order to arrive at an amicable solution to put the multifarious legal dispute to rest.
The court bench headed by Chief Justice of India (CJI) NV Ramana was hearing Amazon's appeal against the Delhi High Court staying arbitration proceedings between the ecommerce giant and Future group.
While the Supreme Court favoured deferring the hearing owing to the pending and connected cases before National Company Law Appellate Tribunal (NCLAT) and Delhi High Court, it also urged the parties to find an amicable solution.
The top court said it remains open to deciding on the dispute should the parties not be able to resolve it. However, an attempt for an amicable resolution ought to be made, the court added.
The proposition was not opposed by the Future group which urged the court to take up the case after a period of 10 days during which period the parties along with Reliance can hold talks.
Amazon's request to direct NCLAT and Delhi High Court to withhold pronouncement of any final orders in this period of 10 days was denied by the top court.
Meanwhile, Future sought an undertaking from Amazon not to take any fresh legal steps against the group during this 10-day period. Senior counsel Harish Salve, arguing for one of the Future group firms, cited a news report which hinted at Amazon's intention to initiate criminal proceedings against the Future group.
Amazon's counsel termed the report as "incorrect".
The Supreme Court is now likely to hear the case next on March 15.
Amazon had approached the Supreme Court after a division bench of the Delhi High Court had passed an interim order staying arbitration proceedings before the tribunal under the Singapore International Arbitration Centre (SIAC) rules.
The Supreme Court had earlier indicated waiting for the NCLAT ruling on the validity of the Competition Commission of India (CCI)’s order of December 2017. The top court had said that the outcome of the challenge to the CCI order is crucial for the case before it as the arguments of both the parties hinge on the CCI order.
The Future group argues that with the CCI approval for the investment deal in suspension, the arbitration proceedings are rendered irrelevant. Amazon, on the other hand, says that the proceedings are independent of the underlying contracts and agreements. It has also challenged the CCI’s suspension order before the NCLAT.
The CJI-led bench of the Supreme Court had asked the parties to urge the NCLAT to hear and decide on the challenge to the CCI order expeditiously.
The High Court is scheduled to hear Future group’s case seeking termination of the arbitration proceedings in the third week of March after it stayed the proceedings as an interim measure. Meanwhile, a single-judge bench is hearing a batch of cases involving Amazon and Future group almost on a daily basis in order to conclude the case expeditiously.
Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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