New Delhi, Feb 15 : The Supreme Court on Tuesday allowed Future Retail Ltd’s plea to move the Delhi High Court seeking to resume the National Company Law Tribunal’s (NCLT) proceedings regarding approval for its Rs 27,513-crore transaction with Reliance Retail Ventures Ltd. The apex court asked the Delhi High Court single judge bench to decide whether the Future group should be permitted to go ahead with the NCLT proceedings or not. A three-judge bench of the Supreme Court headed by Chief Justice N V Ramana passed the order.
The court heard the arguments and submissions from Future Group and Amazon. Senior lawyer Gopal Subramanium appeared for Amazon group whereas, Harish Salve and Mukul Rohatgi submitted their arguments for Furure group. The Supreme Court on Tuesday noted that it was submitted that FRL (Future Retail Ltd) has undertaken to compete eight out of 15 steps. Salve said this will take three to four months.
“The single judge will deal with the case without reference to observations by this bench. You have to go to the Delhi High Court now,” the top court said. The Supreme Court also noted that the future of around 22,000 employees was at stake as per the argument. “We allow Future to approach HC making an application to resume NCLT proceedings and we request the single judge bench to pass orders therein,” it said
