10 July 2018
Dear Experts, Please advice on following case. My client received an award from Arbitrator that you will get the amount invested with opponent with bank rate of interest. If the Opponent fails to make payment to my client. They we are planning to approach NCLT for recovery. There are some other creditors also want to recover money from the opponent in this case how would my client interest can be secured as My client only the person who went though the complete legal proceedings and got the Award from Arbitrator.
11 July 2018
Perhaps you are contemplating an action under Insolvency and Bankruptcy code. Please remember it is not a code for recovery of money.It is a code made for the resolution of insolvency.the facts posted by you are insufficient to give any advice under the provisions of that code.
Insolvency and Bankruptcy code (IBC), is a useful tool for recovery now a days, even though the intended purpose or the designated goal may not be the same. However there is no harm in using the law to your advantage, as per the IBC any creditor (Financial or Operational) may approach the IBC to get the proceeding of Insolvency initiated against a corporate debtor or an individual for that matter.
In present case the award once it becomes final is at the same footing as a legally recognized debt and you are the creditor, thus you are well within your rights to pursue legal remedies available under IBC.
For more on NCLT and other laws please visit http://sahniandmahajan.legal/
Warmly Ambanshu Sahni Advocate Supreme Court of India 7291090489