The case involves an application to set aside an arbitral award dated July 7, 2008, passed by a sole arbitrator in proceedings between I.K. Merchants Pvt. Ltd. (the respondent/claimant) and Sirpur Paper Mills Limited (the petitioner/award-debtor). The petitioner argues that the proceedings under Section 34 of the Arbitration and Conciliation Act, 1996, have become infructuous because the management of the petitioner company was taken over by a new entity following the approval of a Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner contends that the application to set aside the award is no longer maintainable due to subsequent developments after the award.
Sirpur Paper Mills Limited (the petitioner) filed an application to set aside an arbitral award dated July 7, 2008, in favor of I.K. Merchants Pvt. Ltd. (the respondent). The petitioner argued that the proceedings under Section 34 of the Arbitration and Conciliation Act, 1996, had become infructuous because a Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC), had been approved, leading to a new entity taking over the management of the petitioner company. The petitioner relied on Section 31 of the IBC, which states that an approved Resolution Plan is binding on the corporate debtor and its stakeholders. The petitioner cited Supreme Court decisions, including Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta, to support the
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The case involves an application to set aside an arbitral award dated July 7, 2008, passed by a sole arbitrator in proceedings between I.K. Merchants Pvt. Ltd. (the respondent/claimant) and Sirpur Paper Mills Limited (the petitioner/award-debtor). The petitioner argues that the proceedings under Section 34 of the Arbitration and Conciliation Act, 1996, have become infructuous because the management of the petitioner company was taken over by a new entity following the approval of a Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner contends that the application to set aside the award is no longer maintainable due to subsequent developments after the award.
Sirpur Paper Mills Limited (the petitioner) filed an application to set aside an arbitral award dated July 7, 2008, in favor of I.K. Merchants Pvt. Ltd. (the respondent). The petitioner argued that the proceedings under Section 34 of the Arbitration and Conciliation Act, 1996, had become infructuous because a Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC), had been approved, leading to a new entity taking over the management of the petitioner company. The petitioner relied on Section 31 of the IBC, which states that an approved Resolution Plan is binding on the corporate debtor and its stakeholders. The petitioner cited Supreme Court decisions, including Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta, to support the
…Date of the arbitral award passed by a learned…
The Award was challenged by the…