Approach HC to go ahead with NCLT proceedings: SC to FRL
Hindustan TimesThe Supreme Court on Tuesday asked Future Group to approach the Delhi high court with its plea seeking continuation of proceedings before the National Company Law Tribunal to get final approval for the proposed $3.4 billion sale of its retail assets to Reliance. The top court refrained from examining the rival contentions of Future and Amazon on the aspect of NCLT proceedings, and remanded the matter for adjudication by the high court. “We grant liberty to FRL to approach the High Court by filing an application seeking continuation of the NCLT proceedings beyond the 8th stage,” directed a bench, headed by Chief Justice of India NV Ramana. The bench, which included justices AS Bopanna and Hima Kohli, added: “We request the learned single judge of the Delhi High Court to consider all the contentions raised by both the parties in this regard and pass appropriate order as to continuation of the NCLT proceedings beyond the stage mentioned at serial no.8 and other regulatory approvals expeditiously, uninfluenced by any observations made herein.” The top court refrained from examining the rival contentions of Future and Amazon on the aspect of NCLT proceedings, and remanded the matter for adjudication by the high court, which is also seized of issues relating to enforcement of a 2020 order by an arbitral tribunal restraining Future from alienating its assets.