New Delhi. The Supreme Court has on Monday stayed all the cases going on in the Delhi Retail High Court of Future Retail and Amazon. Apart from this, the Supreme Court has also stayed all the hearings of the Single Bench and Division Bench of the Delhi High Court. It will be decided by the Supreme Court of India on 4 May. The case was brought to the Supreme Court today, which was adjourned to the next date. Justice Rohinton Fali Nariman of the Single Bench Court has stayed all proceedings till then.
Amazon got a shock from the High Court
In March, a single bench of the Delhi High Court ruled in favor of the company headed by Jeff Bezos. However, this ban was lifted by the second bench of the Delhi High Court. After which Amazon moved the top court of India against the stay order. After the Supreme Court notice, Future Retail’s stock price is trading at Rs 48.10.
Biyani’s news of relief
Meanwhile, another relief has come for Biyani. The lenders of the company have approved a loan rehabilitation scheme under the KV Kamath Committee of the Reserve Bank of India. The company said in a regulatory filing on April 17 that the debt burden has increased due to several financial crises for the company. Therefore, restructuring of debt is important and necessary.
Legal battle has been going on for 9 months
The legal battle between Amazon and Future Group over the deal with Reliance has been going on for 9 months. In August 2020, Reliance Retail acquired Future Retail for 25,000 crores. On October 25, 2020, global e-commerce giant Amazon received a stay order from the Singapore court on the Future Retail and Reliance deal and wrote to the BSE and India’s market regulator Sebi to uphold the decision. Amazon had sent a legal notice for Future Coupon on Future Group’s Rs 25,000 crore deal with Reliance.