Summary
Following an earlier remand in the Future–Amazon arbitration litigation, Future Retail sought permission to advance its scheme proceedings before the NCLT. The Court granted liberty to apply to the Delhi High Court for continuation beyond the shareholder-and-creditor meetings stage. It requested an expeditious decision on both sides’ contentions, including other regulatory approvals, without prescribing the outcome or itself sanctioning the scheme.
Issues
- Whether the Supreme Court should permit further NCLT scheme proceedings while the remanded matters awaited consideration in the High Court.
Held
- The Court’s earlier order had remanded the enforcement and related matters for reconsideration while deferring the request concerning continuation of NCLT proceedings. The present order addressed that outstanding procedural request. (¶ 10-11)
- The parties accepted that the NCLT process had reached the shareholder-and-creditor meetings stage, identified as stage eight in the submitted chart. Future Retail sought continuation, while Amazon opposed interim relief affecting the remanded dispute. (¶ 13-15)
- Future Retail could apply to the High Court for continuation beyond stage eight. The Single Judge was requested to consider both sides’ contentions and decide expeditiously on further NCLT proceedings and other regulatory approvals, uninfluenced by this order. The Court itself did not grant the requested substantive permission. (¶ 16)
- The civil appeals were disposed of on those terms, without determining the ultimate scheme approval or the parties’ underlying arbitral rights. (¶ 16-17)
Result
Civil appeals disposed of. Future Retail granted liberty to seek further NCLT proceedings from the Delhi High Court, which was requested to decide the application and regulatory-approval issues expeditiously on their merits.