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2019 (1) TMI 1914 - AT - Companies LawProcess similar to that of ‘Corporate Insolvency Resolution Process’ for the purpose of proper resolution to be followed - requirement of constitution of CoC - HELD THAT:- Such ‘Committee of Creditors’ cannot be constituted and in the meantime, the ‘Infrastructure Leasing and Financial Services Ltd.’ (ILFS) and its Board may be allowed to proceed with the matter. In such case, the parties are directed to address as to why this Appellate Tribunal will not direct that while matter to be supervised by a (Retired) Hon’ble Supreme Court Judge. Pending arbitration proceedings - HELD THAT:- If any pending before one or other Arbitral Tribunal in which the ‘ILFS’ or any of its 348 Group Companies are parties, in such case, the Arbitral Tribunal may proceed with to determine the claim and counter claim, if any, made by the parties and may pass the award, and keep it in a seal cover. The Arbitral Tribunal are also prohibited to pass any order under Section 17 of the Arbitration & Conciliation Act, 1996 against ‘ILFS’ or any of its Group Companies. ‘IFLS’ will provide the details of arbitral proceedings filed by it or by any of its Group Companies or filed against ‘ILFS’ or any of its Group Companies by the next date - Post both the appeals on 28th January, 2019 at 2.00 p.m. when the main appeals are also likely to be listed.
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