According to an exchange filing on Wednesday, Future Retail FRL said that it has been dismissed from its application to the Singapore Arbitration Tribunal for terminating proceedings initiated by US behemoth Amazon in view of the order passed by the Competition Commission of India CCI.
The CCI has dissolved Amazon's appeal against its order on December 17, 2021, wherein it kept its decision regarding approval of Amazon.com NV Holdings for investments in Future Coupons and also imposed a penalty worth Rs 202 crore on Amazon.
The penalty was changed from Rs 202 crore to Rs 201 crore, while the National Company Law Appellate Tribunal NCLAT upheld CCI's decision. The filing further states that Amazon received the approval of CCI by misrepresentation.
The National Company Law Tribunal NCLT has ordered Amazon to initiate insolvency resolution proceedings against the Bank of India's petition against the Bank of India's plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Limited FRL Future and Amazon this week, after the latter was dragged into arbitration at the Singapore International Arbitration Centre SIAC on October 2020. Amazon claimed that FRL had breached their contract by entering into a deal for sale of assets to Reliance Retail on slump sale basis for Rs 24,713 crore.
In April this year, the lender to FRL and other group companies rejected it, so the lender's deal fell through. Reliance had taken over operations of Future stores before FRL failed to pay the rent.