Amazon- Future Coupons Reach Settlement; Delhi High Court Disposes Challenge To SIAC Award

The Delhi High Court on Tuesday permitted withdrawal of petitions filed by Future Coupons Private Limited and promoter entities, including Ashni Kishore Biyani, against a Singapore International Arbitration Centre (SIAC) award in their dispute with Amazon.

The award had held them in breach of contractual obligations and directed them to pay Rs 23.7 crore in damages, along with Rs 77.3 crore and SGD 68,550 towards costs, but the challenge was withdrawn after the parties entered into a settlement agreement dated March 13, 2026.

Justice Harish Vaidyanathan Shankar recorded that “learned counsel appearing on behalf of the parties are ad idem that the disputes between the parties stand resolved and the settlement has been formally reduced into a Settlement Agreement dated 13.03.2026.”

In view of the settlement, the court granted liberty to withdraw the petitions and disposed of the matter without examining the merits.

The dispute arose from Amazon's Rs 1,400 crore investment in Future Coupons Private Limited in 2019, which gave it a 49% stake and indirect rights in Future Retail Limited, operator of the Big Bazaar retail chain.

In 2020, the debt-laden Future Group agreed to sell its retail business to Reliance Retail Ventures Limited for Rs 24,713 crore. Amazon objected, citing contractual restrictions, and initiated arbitration before SIAC, securing an emergency order restraining the deal.

In a June 2025 award, the arbitral tribunal held Future Group and its promoters, including Kishore Biyani, in breach of their contractual obligations. While Amazon had sought Rs 1,436 crore in damages, the tribunal awarded Rs 23.7 crore, noting that the value of Amazon's investment had eroded due to the financial decline of Future Retail Limited and the impact of the COVID-19 pandemic.

The tribunal also directed the Future Group parties to pay Rs 77.3 crore and SGD 68,550 towards litigation and arbitration costs.

The award was challenged before the High Court under Section 34 of the Arbitration and Conciliation Act, 1996. The matter was earlier heard by Justice Jasmeet Singh, before whom the parties had indicated that they were exploring a settlement, which ultimately culminated in the present disposal

For Petitioner (Future Coupons Private Limited & Ors.): Advocates Pranjit Bhattacharya, Salonee Shukla, Shalini Singh, Srishti Juneja.

For Respondent (Amazon.com NV Investment Holdings LLC & Ors.): Advocates V.P. Singh, Abhijnan Jha, Chetan Chawla, J. Rajesh, Dhrupad Vaghani, Md. Arsalan Ahmed, Yashwardhan Aggarwal, Ashwath, Ali Abbas Masoodi.