Kanoria Chemical Industries Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated 16.4.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in IA No. 07/MB/2021 in CP (IB)No. 3448/MB/2018. The Adjudicating Authority had approved a Resolution Plan under section 30(4) of the IBC for the corporate debtor, Transparent Energy System Pvt. Ltd. The appellant, an operational creditor, claimed that its arbitral award was not considered appropriately in the resolution plan. The corporate debtor was admitted into CIRP on 8.3.2019, following an application under section 9 of the IBC.
Kanoria Chemical Industries Ltd. (KCIL) initiated arbitration against Transparent Energy System Pvt. Ltd. (TESPL) on November 11, 2002, regarding a dispute over the supply of Multi Stage Evaporators. An arbitral award of Rs. 668 Lacs plus future interest was issued in favor of KCIL in May 2015. TESPL challenged the award under Section 34 of the Arbitration and Conciliation Act, 1996. TESPL was admitted into Corporate Insolvency Resolution Process (CIRP) on March 8, 2019, following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). KCIL filed its claim in Form B on June 3, 2019, disclosing the arbitral award and the pending execution application. The Interim Resolution Professional (IRP) initially admitted KCIL's claim to the extent of Rs.
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Kanoria Chemicals and Industries Ltd. (KCIL)…
An arbitral award of…
Kanoria Chemical Industries Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated 16.4.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in IA No. 07/MB/2021 in CP (IB)No. 3448/MB/2018. The Adjudicating Authority had approved a Resolution Plan under section 30(4) of the IBC for the corporate debtor, Transparent Energy System Pvt. Ltd. The appellant, an operational creditor, claimed that its arbitral award was not considered appropriately in the resolution plan. The corporate debtor was admitted into CIRP on 8.3.2019, following an application under section 9 of the IBC.
Kanoria Chemical Industries Ltd. (KCIL) initiated arbitration against Transparent Energy System Pvt. Ltd. (TESPL) on November 11, 2002, regarding a dispute over the supply of Multi Stage Evaporators. An arbitral award of Rs. 668 Lacs plus future interest was issued in favor of KCIL in May 2015. TESPL challenged the award under Section 34 of the Arbitration and Conciliation Act, 1996. TESPL was admitted into Corporate Insolvency Resolution Process (CIRP) on March 8, 2019, following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). KCIL filed its claim in Form B on June 3, 2019, disclosing the arbitral award and the pending execution application. The Interim Resolution Professional (IRP) initially admitted KCIL's claim to the extent of Rs.
…Kanoria Chemicals and Industries Ltd. (KCIL)…
An arbitral award of…