The Supreme Court on Tuesday granted Future Retail Ltd. (FRL) liberty to approach the Delhi High Court seeking permission to resume proceedings before the National Company Law Tribunal (NCLT) in connection with a Rs. 24,731-crore merger deal with Reliance Industries’ retail arm, which has been disputed by U.S. e-commerce giant Amazon.
“We grant liberty to FRL to approach the High Court by filing an application seeking continuation of the NCLT proceedings beyond the eighth stage (meeting of shareholders and creditors),” a three-judge Bench led by Chief Justice of India N.V. Ramana ordered.
The apex court requested the 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 and other regulatory approvals expeditiously, uninfluenced by any observations made herein”.
