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In the case of Amazon.com NV Investment Holdings LLC v. Future Retail Limited & Ors. [Civil Appeal Nos. 4492-4493 of 2021, Civil Appeal Nos. 4494-4495 of 2021, Civil Appeal Nos. 4496-4497 of 2021], the Hon’ble Apex Court has approved the Emergency Award passed by the Singapore International Arbitration Centre (“the SIAC”), which stalled the Rs. 24,731 crore deal between Future Retail Ltd and Reliance Retail in India.
Brief facts:
Amazon.com NV Investment Holdings LLC (“the Appellant”) filed an appeal before the High Court of Delhi under Section 17(2) of the Arbitration and Conciliation Act, 1996 (“the Arbitration Act”) to enforce the award/order dated October 25, 2020 as held by the SIAC.
The Future Retail Limited (“the Respondent”) contended that, Arbitrator award did not have any place in the Indian statute books and hence award of the SIAC Arbitrator cannot be enforced under Section 17 of the Arbitration Act.
The division bench of Hon’ble Delhi High Court put stay on enforceability of the SIAC Arbitrator award, which restrained the Respondent from going ahead with its deal with Reliance Retail, under the Indian laws.
Important Question in the appeal:
Aggrieved with the decision of division bench of Delhi High Court, the Appellant moved to the Apex Court seeking inter alia, whether an “award” delivered by an Emergency Arbitrator under the Arbitration Rules of the SIAC can be said to be an order under Section 17(1) of the Arbitration Act.
Important Observations:
Held:
The Hon’ble Supreme Court held that, the order passed by the Arbitrator under SIAC Rules is an order under Section 17(1) of the Arbitration Act and enforceable as an order of the Court under Section 17(2) of the Arbitration Act.
Consequently, the Hon’ble Supreme Court ruled in favour of the Appellant and put on hold the merger deal of Future Retail Limited and Reliance Retail.
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