This is an appeal against an Impugned Order dated 11th February, 2020, passed by the National Company Law Tribunal, Principal Bench, New Delhi in CP (IB)-540 (PB)/2017. The Corporate Debtor, Su Kam Power Systems Ltd., is undergoing liquidation proceedings. Before the CIRP started, the Appellant had initiated arbitration proceedings against the Corporate Debtor, which were hit by a moratorium when CIRP started. After the liquidation order was passed, the Appellant wanted to proceed with the arbitration proceedings, but the Liquidator only appeared once and informed the Arbitrators regarding the liquidation proceedings, and thereafter did not participate, leading to the arbitration proceedings being struck.
Reliance India Power Fund, Reliance Capital Trustee Company Limited initiated arbitration proceedings against Su Kam Power Systems Ltd. before the CIRP commenced. These proceedings were halted by a moratorium upon the commencement of CIRP. Following a liquidation order, the Appellant sought to continue the arbitration, but the Liquidator of Su Kam Power Systems Ltd. only made a single appearance and then ceased participation, resulting in the arbitration proceedings being struck. The Appellant contends that the Liquidator is obligated to defend the arbitration under Section 35(1) of the IBC, while the Liquidator argues that the arbitration concerns an inter-shareholder dispute unrelated to the Corporate Debtor. The agreement in question (Annexure A-3) was between the
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This is an appeal against an Impugned Order dated 11th February, 2020, passed by the National Company Law Tribunal, Principal Bench, New Delhi in CP (IB)-540 (PB)/2017. The Corporate Debtor, Su Kam Power Systems Ltd., is undergoing liquidation proceedings. Before the CIRP started, the Appellant had initiated arbitration proceedings against the Corporate Debtor, which were hit by a moratorium when CIRP started. After the liquidation order was passed, the Appellant wanted to proceed with the arbitration proceedings, but the Liquidator only appeared once and informed the Arbitrators regarding the liquidation proceedings, and thereafter did not participate, leading to the arbitration proceedings being struck.
Reliance India Power Fund, Reliance Capital Trustee Company Limited initiated arbitration proceedings against Su Kam Power Systems Ltd. before the CIRP commenced. These proceedings were halted by a moratorium upon the commencement of CIRP. Following a liquidation order, the Appellant sought to continue the arbitration, but the Liquidator of Su Kam Power Systems Ltd. only made a single appearance and then ceased participation, resulting in the arbitration proceedings being struck. The Appellant contends that the Liquidator is obligated to defend the arbitration under Section 35(1) of the IBC, while the Liquidator argues that the arbitration concerns an inter-shareholder dispute unrelated to the Corporate Debtor. The agreement in question (Annexure A-3) was between the
…Date of the order passed by the National Company…
The date on which the…