In a major relief to Future Group, the Supreme Court on Thursday halted seizure of assets owned by Future Coupons, Future Retail and Future Group promoter Kishore Biyani.
A single judge bench of the Delhi supreme court had ordered the attachment of assets in March. It had directed the longer term group firms and promoters to file their affidavits giving details of their assets for violating an emergency arbitrator award.

The Supreme Court directed market regulator SEBI, National Companies Law Tribunal (NCLT) and Competition Commission of India (CCI), to not pass any order against the longer term Group for four weeks.

The Supreme Court passed the order after hearing elaborate arguments by Senior Advocates Harish Salve and Mukul Rohatgi for Future group and Senior Advocate Gopal Subramanium for Amazon. the highest court said it had been taking the choice to balance the interest of both parties.

In its order, the Supreme Court said, “….taking into consideration the submissions advanced by the learned senior counsel for the parties and particularly the very fact that the parties have approached the Singapore International Arbitration Centre for vacating the Emergency Award gone by the Emergency Arbitrator…..we think it fit balance the interest of both the parties by staying all further proceedings before the Delhi supreme court for the nonce .”

The Supreme Court will hear the matter again after four weeks. The matter had come up for hearing before a three-judge bench of judge N V Ramana, Justice Surya Kant and Justice A S Bopanna.

Earlier Future Coupons Private Limited had moved Supreme Court, seeking to remain an order gone by the Delhi supreme court to connect the assets of Future Coupons, Future Retail and Future Group promoter Kishore Biyani.

A single judge of the Delhi supreme court had ordered the attachment of its assets in March and had directed the longer term group firms and promoters to file their affidavits giving details of their assets for violating an Emergency Arbitrator award.

The Emergency Arbitrator of Singapore International Arbitration Centre (SIAC), had on October 25 last year, restrained the longer term group from going ahead with its ₹ 24,731 crore affect Reliance Industries to sell its retail and wholesale business, and therefore the logistics and warehousing business.

Supreme Court had held that a gift of an Emergency Arbitrator of a far off country is enforceable under the Indian Arbitration and Conciliation Act.