Scenario Post Arbitral Award Impeding CIRP By Operational Creditor – A Critique
On 4th December 2019, in the matter of ABB India Limited v. Resurgent Power Projects Limited, Hon’ble National Company Law Tribunal (NCLT), Chennai Bench ordered that filing of an application for challenging an Arbitral Award (Award) under Section 34 of Arbitration and Conciliation Act, 1996 (hereinafter referred as ‘the Arbitration Law’) after filing of an application for Corporate Insolvency Resolution Process (hereinafter referred as ‘CIRP’) by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as ‘IBC’) does not establish the case of pre-existence of dispute and therefore, the application can be admitted.
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