Effect of NCLT’s approval of Resolution Plan on Applicant’s claim in arbitration application under Section 11 of Arbitration Act to be decided by Arbitral Tribunal – PME Power Solutions (India) Ltd. Vs. Airen Metals Pvt. Ltd. – Rajasthan High Court
Hon’ble Rajasthan High Court appoints an arbitrator holding that the resolution plan has been approved during the pendency of arbitration application under Section 11, which had been filed much prior to CIRP initiation. Thus, on the date of filing of the arbitration application, the claim of applicant put forth qua the Corporate Debtor was obviously survived. The effect of approval of CIRP against Corporate debtor by the NCLT, on the claim of applicant, can be seen and decided by the arbitral tribunal.