India’s Future Retail requests the court to declare arbitration with illegal

future retail requests the court to declare arbitration with amazon illegal

India’s Future Retail has requested a New Delhi court to declare ongoing arbitration proceedings with e-commerce giant as illegal, saying its antitrust agency had suspended a 2019 deal that used to emphasize its rights over Future Retail. successfully used the terms of its grasping $200 million investment in debt-ridden Future to block the Indian retailer’s attempt to sell retail assets to a competitor, claiming a breach in contract.

The country’s antitrust body, The Competition Commission of India, suspended a 2019 deal saying suppressed information while seeking approvals in December.

A Singaporean arbitration panel is hearing the long-running dispute. Still, both sides have been fighting simultaneous cases in Indian courts to overrule or enforce certain decisions taken by the mediator.

In Future Retail’s latest filing in New Delhi, the retail company argues that since the 2019 agreement no longer has antitrust approval, it has no legal existence in the country, and can no longer stress any of its rights.

The filing also displayed that Future’s appeal to the Delhi High Court arose after the Singaporean Arbitration panel did not agree to its immediate demands to ax the proceedings, saying arguments would continue this month. The lawsuit will be heard by judges this week.