TMI Blog2022 (2) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... before the NCLT will have serious ramifications and virtually render the agreement between FRLReliance group redundant. Furthermore, the livelihood of 22,000 employees of FRL are also at stake. In the same breath, he has submitted that continuation of the NCLT proceedings will not adversely affect Amazon in any manner. Liberty granted to FRL to approach the High Court by filing an application seeking continuation of the NCLT proceedings beyond the 8th Stage (Meeting of Shareholders and creditors) - appeal disposed off. - CIVIL APPEAL NOS. 859 - 860 OF 2022 CIVIL APPEAL NOS. 861-862 OF 2022 CIVIL APPEAL NO. 864 OF 2022 CIVIL APPEAL NO. 863 OF 2022 - - - Dated:- 15-2-2022 - CJI. (N. V. RAMANA) , JUSTICE (A.S. BOPANNA) And JUSTICE (HIMA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which is pending. 5. Amazon filed a Petition for enforcement of Emergency Arbitrator award before the Delhi High Court on 25.01.2021 in OMP (ENF) (COMM.) No.17 of 2021. Vide orders dated 02.02.2021 and 18.03.2021, Delhi High Court passed orders inter alia, enforcing the emergency award. 6. When the matter was carried by Amazon to this Court in SLP (C) No. 285657 of 2021, vide order dated 22.02.2021, this Court allowed the NCLT proceedings to continue without culminating in a final order of Sanction of Scheme. 7. However, as noted earlier, this Court by final order dated 06.08.2021, did not adjudicate the merits of the case and limited its reasoning only to answering the legal questions concerning the maintainability of a first app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21.10.2021. The aforesaid order of the Arbitral Tribunal, rejecting the vacate application, was challenged by FCPL and FRL before the Delhi High Court in Arb. Pet. No. 63 of 2021 and Arb. Pet. No. 64 of 2021. The Delhi High Court, while issuing notice in both the matters by orders dated 29.10.2021, rejected immediate relief to FRL. Aggrieved by the aforesaid orders, FCPL and FRL have approached this Court in SLP (C) Nos. 18089 and 18080 of 2021 respectively. 10. This Court by a detailed order dated 01.02.2022, passed the following order in SLP (C) Nos. 1354713548, 1355613557, 18089 and 18080 of 2021 : Leave granted. .. . I. Setting aside of impugned orders dated 02.02.2021 (1st impugned Order) and 18.03.2021 (2nd impug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proposed Scheme ought to continue as the culmination in the final order would take six to eight months for completing all the steps as required under the Companies Act, 2013. He took us through the written submissions filed on 09.01.2022, wherein the following stages were listed: S. No. Process 1 Pronouncement of Order by NCLT, Mumbai bench 2 Receipt of admission stage order from NCLT 3 Dispatch of Notice/ addendum to Notice 4 Advertisement of Notice in Newspaper in Form CAA2 (not less than 30 days before the date of meeting) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Salve stated that it would take six to eight months for completing all the fifteen steps set out above. He finally submitted that it is only when the final Scheme is sanctioned by the NCLT that the retail assets of FRL would get alienated. So long as the final order of sanctioning is not passed by the NCLT, Amazon is not prejudiced in any manner. 12. Mr. Mukul Rohatgi, learned Senior Counsel appearing on behalf of FCPL has submitted that the Competition Commission of India has revoked initial AmazonFCPL share purchase, which effectively nullifies the arbitration. He submits that these facts have bearing on the continuation of the proceedings which needs to form a part of consideration. Accordingly, he submits that he is willing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the NCLT. In this context, if an order is passed, by the Arbitral Tribunal, in favour of FRL, then it will be difficult to initiate fresh proceedings before NCLT at that stage. It is his submission that FRL is incurring expenditure everyday and there is an imminent threat of insolvency. Any delay in the proceedings before the NCLT will have serious ramifications and virtually render the agreement between FRLReliance group redundant. Furthermore, the livelihood of 22,000 employees of FRL are also at stake. In the same breath, he has submitted that continuation of the NCLT proceedings will not adversely affect Amazon in any manner. 16. In view of the above submissions, we grant liberty to FRL to approach the High Court by filing an applica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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