An award has been passed by the Arbitral Tribunal against the Corporate Debtor & Corporate Debtor has moved an application under Section 34 of the Arbitration & Conciliation Act, 1996 before the Hon’ble High Court and the matter is pending, it cannot be alleged that there is a default and application under Section 7 was not maintainable – M/s. Loyal Credit and Investment Ltd. Vs. M/s. Cosmopolis Properties Pvt. Ltd. – NCLAT New Delhi