MUMBAI: The National Company Law Appellate Tribunal (NCLAT) has dismissed Amazon’s appeal against the suspension of transaction with Future Group, and upheld the Rs 200 crore penalty imposed by the Competition Commission of India (CCI). It has directed the US-based e-commerce major to pay the amount within 45 days. Amazon can challenge the NCLAT order in the Supreme Court.

Last week, the NCLT adjourned the hearing of Amazon's petition opposing the initiation of insolvency proceedings against debt-ridden Future Retail during a virtual hearing in the matter.

Earlier, this year in January, US giant Amazon Holdings NV had moved the NCLAT against the CCI. Its case is against CCI’s 17 December where the anti-trust watchdog had suspended and revoked its approval for the deal with Future Group alleging misrepresentation.

As per the anti-trust watchdog’s 17 December order, Amazon was fined Rs 202 crore by CCI for allegedly misrepresenting and suppressing information while seeking regulatory approval in 2019 to buy a stake in Future Group.

The move followed a Delhi High Court judgement on 5 January that suspended Amazon's arbitration proceedings in Singapore against estranged partner Future Group for contract violations, giving the debt-ridden Indian retailer a reprieve.

The high court had pushed the arbitration proceedings owing to the CCI order. As per the CCI’s 57-page order, it said that the approval for the Amazon -Future deal would be kept in abeyance.