Emergency Arbitration Award Enforceable In Indian Law : Supreme Court Rules In Favour Of Amazon In Case Against Future Retail [Updated With Judgment]
The Supreme Court on Friday ruled in favour of e-commerce giant Amazon in its dispute with Future Retail Limited(FRL) over the latter’s merger deal with Reliance group. The top court held that that Emergency Award passed by Singapore arbitrator stalling FRL-Reliance deal is enforceable in Indian law.
“We have framed 2 questions and answered them. Emergency arbitrator’s award holds good under Section 17(1) of the Arbitration and Conciliation Act and single Judge’s order for such award cannot be appealed under Section 37(2)”. Justice Nariman read out the operative portion of the judgment in the court today morning at 10.30 AM
“We declare that full party autonomy is given by the Arbitration Act to have a dispute decided in accordance with institutional rules which can include Emergency Arbitrators delivering interim orders, described as “awards”. Such orders are an important step in aid of decongesting the civil courts and affording expeditious interim relief to the parties. Such orders are referable to and are made under Section 17(1) of the Arbitration Act”, the Court stated in paragraph 41 of the judgment.
