It was quite uncertain as to whether the preference of an Appeal under Sec.37 of the Arbitration and Conciliation Act, 1996 against the dismissal of the objection under Sec.34 would amount to an existence of dispute which debars initiation of Corporate Insolvency Process under Sec.9(1) of the I & B Code, and equally unclear about the status of pendency of an Execution Petition for the enforcement of an Arbitral Award would debars the initiation of Corporate Insolvency Process.
In a recent judgment, the National Company Law Appellate Tribunal in M/s Annapurna Infrastructure Pvt Ltd Vs. M/s Soril Infra Resources Ltd (Company Appeal (AT) (Insolvency) No.32 of 2017) has settled this long pending legal issue. NCLAT has elaborately dealt with …
Read the full article at: http://www.livelaw.in/pendency-execution-petitions-appeals-sec-37-arbitration-nclat-read-judgment/