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Supreme Court stops NCLT from approving Future-Reliance deal

Feb 22, 2021 13:15 IST

The Supreme Court has issued an interim order that stops the National Company Law Tribunal from giving its nod to the ₹24,000 crore Future-Reliance deal.

Amazon's appeal against the deal was admitted and the top court has instructed that the NCLT shall not sanction the scheme to pave way for the deal between Kishore Biyani and Mukesh Ambani, even if the meetings of the creditors and shareholders of the Future group take place.

The presiding judges Rohinton F Nariman and BR Gavai made it clear that the division bench of the Delhi high court shall not proceed with the case as it is now with the Supreme Court. The e-commerce giant had sought status quo on the deal till all legal issues are resolved.

Future Retail has been given three weeks to file, while Amazon will get two weeks to file its counter reply. The case is likely to be listed for hearing before the top court in the last week of March.