Does NCLT has power to refer parties to Arbitration in an in rem insolvency proceeding?

The conflict between Insolvency and Arbitration is almost of near polar extremes. The difference in focus of the two was well illustrated in Re United States Lines Inc[1] as a:

Filed under:
India, Arbitration & ADR, Insolvency & Restructuring, Litigation, Cyril Amarchand Mangaldas
Authors:
Prafful Goyal
Location:
India
Firm:
Cyril Amarchand Mangaldas