Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 1488 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Arbitral Award - Non-performing asset - existence of debt and dispute or not - time limitation - HELD THAT:- From the record it is found that initially pursuant to an agreement dated 26th September, 2006 one Arbitral Award was passed by the Hon’ble Sole Arbitrator on 27th January, 2014. Subsequently, another award was passed by the Hon’ble Sole Arbitrator on 31st March, 2017. Therein apart from the amount of ₹ 7,00,88,809.56/- the Arbitral Tribunal awarded interest @ 18% from the date of award till date of payment by the Respondent or realization thereof. Therefore, if the Appellant intends to rely on the award, it is held that there is no default and thereon application under Section 7 is not maintainable. The Appellant wants execution of award - If it is treated as application under Section 7 for execution of award, in said case it is to be held that the application was filed with malicious intent not for purpose of resolution of insolvency or liquidation. However, no finding is given in case of the Bank and it is held that the application under Section 7 was barred by limitation. While condoning the delay of 13 days in preferring the appeal, the appeal is dismissed on merits.
|