The case involves an appeal regarding whether a counter claim can proceed during the moratorium period under the Insolvency and Bankruptcy Code. The Adjudicating Authority (National Company Law Tribunal) had allowed the Corporate Debtor to pursue its claim before the Arbitral Tribunal. The appellant contends that the determination of the counter claim should have been decided by the Adjudicating Authority, not left open to the Arbitral Tribunal.
Jharkhand Bijli Vitran Nigam Ltd. filed an appeal against IVRCL Ltd. (Corporate Debtor) & Anr. The core issue revolves around a counter claim during the moratorium period. The Adjudicating Authority allowed IVRCL Ltd. to pursue its claim before the Arbitral Tribunal. Jharkhand Bijli Vitran Nigam Ltd. argues that the Adjudicating Authority should have decided the counter claim, not the Arbitral Tribunal. The Resolution Professional has no objection to the Arbitral Tribunal deciding the counter claim. The court noted that the claim of the Corporate Debtor can only be determined after the determination of the counter claim made by the Appellant in the same arbitral proceeding. The court also stated that if the Corporate Debtor is found liable to pay a certain amount,
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On 11th July, 2018, the matter was taken up…
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The case involves an appeal regarding whether a counter claim can proceed during the moratorium period under the Insolvency and Bankruptcy Code. The Adjudicating Authority (National Company Law Tribunal) had allowed the Corporate Debtor to pursue its claim before the Arbitral Tribunal. The appellant contends that the determination of the counter claim should have been decided by the Adjudicating Authority, not left open to the Arbitral Tribunal.
Jharkhand Bijli Vitran Nigam Ltd. filed an appeal against IVRCL Ltd. (Corporate Debtor) & Anr. The core issue revolves around a counter claim during the moratorium period. The Adjudicating Authority allowed IVRCL Ltd. to pursue its claim before the Arbitral Tribunal. Jharkhand Bijli Vitran Nigam Ltd. argues that the Adjudicating Authority should have decided the counter claim, not the Arbitral Tribunal. The Resolution Professional has no objection to the Arbitral Tribunal deciding the counter claim. The court noted that the claim of the Corporate Debtor can only be determined after the determination of the counter claim made by the Appellant in the same arbitral proceeding. The court also stated that if the Corporate Debtor is found liable to pay a certain amount,
…On 11th July, 2018, the matter was taken up…
The case was po…
Sign in to view related legal provisions.