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NCLT Kolkata: NCLT Has No Jurisdiction To Set Aside Arbitral Award Passed During Moratorium Period U/S 14 Of IBC

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the Adjudicating Authority lacks jurisdiction to set aside an arbitral award even when the award was issued post-initiation of Corporate Insolvency Resolution Process and during moratorium period under Section 14 of the Insolvency and Bankruptcy Code, 2016. Subodh Kumar Agarwal, the Resolution Professional of …

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Supreme Court Court May Refuse To Appoint Arbitral Tribunal If S.11 Petition Is Barred By Limitation Or Claim Is Ex-Facie Time Barred : Supreme Court Case Title: M/s Arif Azim Co. Ltd. Without Copy of Challenged Arbitral Award, Impossible To Consider Grounds To Set Aside Award: Delhi High Court Dismisses Section 34 Petition Case Title: Spml Infra Limited vs Ntpc …

Passing Of Decree Or Award Does Not Alter The Nature Of Operational Debt To Financial Debt: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan, has held that the nature of an operational debt would not change to financial debt with the passing of a decree or arbitral award in respect of the same. “Undisputedly, the claim on the basis of which arbitral proceedings were initiated by …

The Jharkhand High Court has held that the objections under Section 36 of the A&C Act permissible only on issues relating to patent or inherent lack of jurisdiction of the tribunal. The Bench of Justice Anubha Rawat Choudhary held that challenge to an arbitral award can only be on the grounds enshrined under Section 34 of the Act, nevertheless, it …

High Courts Allahabad High Court: Facilitation Council Which Was The Conciliator Under MSMED Act, Can Arbitrate The Dispute; Bar Contained In S. 80 Of Arbitration Act Not Applicable: Allahabad High Court Case Title: Bata India Limited & Anr. Third Party Funders In Arbitration Play A Vital Role In Ensuring Access To Justice; Arbitral Award Cannot Be Enforced Against Them: Delhi …

CIRP Can Be Initiated Based On An Unchallenged Arbitral Award: NCLT Kolkata

The NCLT Kolkata Bench comprising of Shri Rajasekhar V.K. Thereafter, a petition under Section 9 of the IBC was filed before the Adjudicating Authority on 29.07.2021 by the Operational Creditor, seeking initiation of CIRP against the Corporate Debtor for defaulting on payment of Rs.12,28,74,980.61/-. On 27.08.2020 the Arbitral Tribunal, after hearing the contentions of the parties, passed an arbitral award …

Will Arbitral Award-Holder's Claim Be Extinguished On Approval Of Award-Debtor's Resolution Plan Under IBC? Yes, Rules Calcutta High Court

On Friday, the Calcutta High Court settled an important question of arbitration law, viz., whether an arbitral award-holder's claim would stand extinguished upon the approval of a Resolution Plan for the award-debtor's revival, when it was not pressed during the Corporate Insolvency Resolution Process. Relying on Supreme Court rulings from 2020, Justice Moushumi Bhattacharya ruled that the claim would get …

The Supreme Court observed that an application under Section 34 of the Arbitration and Conciliation Act to set aside an award is covered by moratorium under Section 14 of the Insolvency and Bankruptcy Code.Section 34 proceeding is a proceeding against the corporate debtor in a court of law pertaining to a challenge to an arbitral award and would be covered …

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]