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ERGO Analysing Developments Impacting Business: A Three Judge Bench of Supreme Court Upholds the Prevailing View that NCLT has Inherent Powers to Recall an Order Approving a Resolution Plan

Introduction

India, Company & Commercial, Insolvency & Restructuring, Litigation, Khaitan & Co, Coronavirus, Insolvency, National Company Law Tribunal
NCLT Mumbai orders reference to arbitration in an insolvency petition under the IBC

In a significant judgment dated 9 June 2020 titled ‘Indus Biotech Private Limited v.

India, Arbitration & ADR, Insolvency & Restructuring, Litigation, Khaitan & Co, Private equity, Title 11 of the US Code
Pendency of challenge to an arbitral award - a bar to insolvency proceedings

The Supreme Court in its recent decision in K Kishan v M/s Vijay Nirman Company Private Limited, Civil Appeal No 21825 of 2017, has put to rest the question of whether an arbitral award that has been challenged under Section 34 of the Arbitration and Conciliation Act, 1996 (Act) by the award debtor can form the basis for an action under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code).

India, Arbitration & ADR, Insolvency & Restructuring, Litigation, Khaitan & Co, Supreme Court of India