SC sets aside the 2008 NCDRC judgment capping interest on credit card dues at 30 pc
The 2008 NCDRC judgment was set aside by a bench of Justice Belas M Trivedi and Justice Satish Chandra Sharma. The copy of the judgment is awaited.
The Supreme Court on Tuesday allowed Future Retail Ltd to move Delhi High Court for seeking nod to continue the proceedings in the National Company Law Tribunal (NCLT) regarding the sanction for its ₹ 24,731 crore merger deal with Reliance Retail.
Amazon and the Future group have been engaged in a legal battle for over a year as the US major is opposing the merger of FRL with Reliance Retail.
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A bench headed by Chief Justice N V Ramana directed the high court to pass an appropriate order when an application is moved by Future Retail.
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The bench, also comprising Justices A.S. Bopanna and Hima Kohli, also observed that the high court should decide the matter, without being influenced by any observations made in the top court order.
The top court on February 3 had reserved its order on the plea of FRL seeking continuation of the merger deal process before the NCLT.
Earlier, the apex court had on 1 February set aside three Delhi High Court orders including attachment of properties of FRL and its directors and the refusal to grant a stay on the final arbitral award which had restrained FRL from going ahead with its ₹ 24,731 crore merger deal with Reliance Retail and had ordered fresh adjudication.
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