Nclt/ibc


Can some eminent friend opined on the following: -

 

What would be the legal fate of on going arbitration proceedigns where one party has gone in NCLT by itself u/s 10 of IBC or through some financial creditor. Example : A and B are in an arbitration proceedings on some disputes and there are claims and counter claims against each other. A files insolvency proceedings u/s 10 of IBC before NCLT and the petition is admitted and moratoruim is started u/s 14(1) of IBC.

A comes in arbitration on next date and pleas that as per Moratoruim no claims (counter claim) can be proceeded against me, however, A can proceed with their claims before the arbtirator.

 

What would be the fate of such arbitration proceedings. Whether claims of A will continue against B or both claims and counter clakms shall be stayed by Arbitral Tribunal till moratorium is continuing.

 

thanx

 
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Advocate

if arbitrator pass favourable order allowing the claim and if the the same is not challenged then the award shall be firstly registered and the execution proceeding shall proceed for execution of the arbitration award but if in the meantime the judgement debtor is declared insolvent and if receiver or operating agency is got appointed then he shall be also made party in the execution petition. Consult with details.

 
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