The petitioner seeks to set aside an arbitral award dated July 7, 2008, arguing that the application under Section 34 of the Arbitration and Conciliation Act, 1996, cannot proceed due to corporate insolvency proceedings initiated against the petitioner as the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 (IBC). The question is whether the Section 34 application should be kept in abeyance due to the IBC provisions invoked by operational creditors against the petitioner. The petitioner's counsel presented orders from the NCLT, Hyderabad Bench, related to applications by various Operational Creditors against the petitioner (Corporate Debtor). The management of the corporate debtor/petitioner has been taken over by JK Paper Limited, the Resolution
…The reference was made on June 18, 2001, and the Arbitrator was appointed on March 2, 2006. The arbitral Award was delivered on July 7, 2008, for a sum of Rs.3,21,927.70/- at 9% per annum in favor of the respondent/claimant. The present application for setting aside the Award was filed on October 31, 2008. Operational Creditors initiated proceedings under the IPC against the petitioner (Corporate Debtor) in September 2017. By an order dated July 19, 2018, the adjudicating authority declared that the moratorium order under Section 14 shall cease to have effect. The application under Section 34 of the 1996 Act was taken up for hearing by this court on December 11, 2019. The petitioner prays for setting aside of an Award dated 7th July, 2008 and contends that the present
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The petitioner seeks to set aside an arbitral award dated July 7, 2008, arguing that the application under Section 34 of the Arbitration and Conciliation Act, 1996, cannot proceed due to corporate insolvency proceedings initiated against the petitioner as the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 (IBC). The question is whether the Section 34 application should be kept in abeyance due to the IBC provisions invoked by operational creditors against the petitioner. The petitioner's counsel presented orders from the NCLT, Hyderabad Bench, related to applications by various Operational Creditors against the petitioner (Corporate Debtor). The management of the corporate debtor/petitioner has been taken over by JK Paper Limited, the Resolution
…The reference was made on June 18, 2001, and the Arbitrator was appointed on March 2, 2006. The arbitral Award was delivered on July 7, 2008, for a sum of Rs.3,21,927.70/- at 9% per annum in favor of the respondent/claimant. The present application for setting aside the Award was filed on October 31, 2008. Operational Creditors initiated proceedings under the IPC against the petitioner (Corporate Debtor) in September 2017. By an order dated July 19, 2018, the adjudicating authority declared that the moratorium order under Section 14 shall cease to have effect. The application under Section 34 of the 1996 Act was taken up for hearing by this court on December 11, 2019. The petitioner prays for setting aside of an Award dated 7th July, 2008 and contends that the present
…The reference…
The arbitrat…