The case involves an appeal against a High Court order regarding the execution of an arbitral award. The respondent, Ispat Carrier Private Limited, filed claim petitions against the appellant, Electrosteel Steel Limited, before the West Bengal Micro, Small and Medium Facilitation Council. The appellant then underwent corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). A resolution plan was approved by the NCLT, which settled the claims of operational creditors at nil. However, the Facilitation Council proceeded with arbitration and passed an award in favor of the respondent. The appellant challenged the execution of the award, arguing that it was a nullity due to the approved resolution plan. The High Court rejected this
…Electrosteel Steel Limited (appellant) faced claim petitions from Ispat Carrier Private Limited (respondent) before the West Bengal Micro, Small and Medium Facilitation Council for a principal outstanding amount of Rs. 1,59,09,214.00. These claims were registered as Case No. 330/2014 and Case No. 331/2014. Conciliation proceedings were initiated but failed, leading to arbitration proceedings commencing on 07.06.2017. On 27.06.2017, financial creditors of the appellant invoked Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), before the National Company Law Tribunal, Kolkata Bench (NCLT). On 21.07.2017, NCLT imposed a moratorium and appointed an interim resolution professional. A resolution plan was submitted by Vedanta Limited on 29.03.2018, wherein claims
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Respondent filed claim petitions before the…
Arbitration pro…
The case involves an appeal against a High Court order regarding the execution of an arbitral award. The respondent, Ispat Carrier Private Limited, filed claim petitions against the appellant, Electrosteel Steel Limited, before the West Bengal Micro, Small and Medium Facilitation Council. The appellant then underwent corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). A resolution plan was approved by the NCLT, which settled the claims of operational creditors at nil. However, the Facilitation Council proceeded with arbitration and passed an award in favor of the respondent. The appellant challenged the execution of the award, arguing that it was a nullity due to the approved resolution plan. The High Court rejected this
…Electrosteel Steel Limited (appellant) faced claim petitions from Ispat Carrier Private Limited (respondent) before the West Bengal Micro, Small and Medium Facilitation Council for a principal outstanding amount of Rs. 1,59,09,214.00. These claims were registered as Case No. 330/2014 and Case No. 331/2014. Conciliation proceedings were initiated but failed, leading to arbitration proceedings commencing on 07.06.2017. On 27.06.2017, financial creditors of the appellant invoked Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), before the National Company Law Tribunal, Kolkata Bench (NCLT). On 21.07.2017, NCLT imposed a moratorium and appointed an interim resolution professional. A resolution plan was submitted by Vedanta Limited on 29.03.2018, wherein claims
…Respondent filed claim petitions before the…
Arbitration pro…