Once Arbitral Award is challenged under Section 34 of Arbitration and Conciliation Act, 1996, a petition under Section 9 of IBC is not maintainable – Bharat Industrial Projects Pvt. Ltd. Vs. Anupam Industries Ltd. – NCLT Ahmedabad Bench
January 10, 2025
The Hon’ble Ahmedabad Bench held that it is well-settled position of law that once the Arbitral Award is challenged in Section 34 of the Arbitration and Conciliation Act, 1996, the Petition under Section 9 of IBC is not maintainable. Even though there is not stay on the Arbitral Award, still the IBC Petition filed on the basis of such Award is not to be admitted.