Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 602 - AT - Insolvency and BankruptcyArbitral Award - interest on delayed payments - Section 9 of Insolvency and Bankruptcy Code, 2016 - pre-existing dispute with regard to quantum of liability - HELD THAT:- As per Section 9 of the IBC, the only requirement for Adjudicating Authority is to see in such application under Section 9, if there is record of dispute. In the present matter, when the Notice under Section 8 was sent by the Appellant, the Respondent sent Reply (Copy at Annexure - A-6) referring to the litigation between the parties. It is a simple matter where there is an Award and Sections 34 and 37 proceedings under the Arbitration Act have been disposed of. The litigation clearly shows serious disputes pending between the parties with regard to the calculations of dues. Admittedly, the amount of Award has been paid but the dispute appears to be continuing with regard to the interest - In the facts of the present matter, considering the developments of the litigation as pointed out by the learned Counsel for the Respondent, we find that there is pre-existing dispute with regard to calculation of dues and we do not find any fault with the Orders passed by the Adjudicating Authority rejecting the application. Appeal dismissed - decided against appellant.
|