Introduction Hong Kong At a Glance Population: 7 million Languages:  English, Cantonese and Mandarin Time zones:  8 hours ahead of Greenwich Mean Time Climate: Subtropical with long, hot summers and pleasant temperate winters Political System

The number of international arbitrations involving the Hong Kong International Arbitration Centre doubled between 2004 and 2008. The number of winding up petitions is also currently on the rise because of the poor global economic environment. This article discusses conflicts that may arise between the statutory insolvency regime and the contractual rights of parties to arbitrate their disputes in Hong Kong.

Can Arbitration Be Used To Circumvent Statutory Insolvency Regimes?

Prelude

India and the United Arab Emirates (‘UAE’) have witnessed dynamic bilateral relations in the recent past. Leadership of both countries have endeavoured to bolster ties of the two economies which has aligned India to achieve its insatiable ambition of emerging as a USD 5 trillion economy.

Key Highlights

I. Supreme Court: Scope of intervention by High Courts in cases of orders passed by the National Company Law Tribunal

II. Supreme Court: State legislature cannot enact law which affects the jurisdiction of the Supreme Court

III. Supreme Court: Difference between inadequacy of reasons in arbitral award and unintelligible awards

IV. NCLT: RP can take possession of a corporate debtor's assets which are subject matter of litigation to facilitate the corporate insolvency resolution process

I. NCLAT approves the resolution plan submitted by ArcelorMittal in the resolution proceedings in respect of Essar Steel India Limited while modifying the distribution of money to the financial and the operational creditors

Supreme Court has held that:

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).

TIME LIMIT FOR RECTIFICATION AND ADMISSION IS DIRECTORY

It is pertinent to note thatSection 9 (5) of Insolvency and Bankruptcy Code, 2016 provides the time limit for admission and rejection of the application and also the time limit for rectification of the defect in the application:

SECTION 9(5)

A bench of Supreme Court comprising of Justice R.F. Nariman and Justice Sanjay Kishen Kaul in the case of M.D. Frozen Foods Exports Pvt. Ltd. And Ors. Vs Hero Fincorp Ltd., in Civil Appeal No. 15147 of 2017 dealt with the issue that whether an NBFC is entitled to initiate proceedings under SARFAESI Act and arbitration proceedings, simultaneously, with respect to a loan account.

In a recent decision of M/s Ksheeraabd Constructions Private Limited v M/s Vijay Nirman Company Private Limited, the National Company Law Appellate Tribunal (NCLAT) has held that proceedings pending under Section 34 of the Arbitration and Conciliation Act, 1996 (Act) does not constitute a ‘dispute’ under Section 8 of the Insolvency and Bankruptcy Code, 2016 (Code) and cannot come in the way of initiation of the insolvency resolution process, in terms of Section 9 of the Code.

Background