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2017 (11) TMI 1640 - AT - Companies LawMaintainability of petition - main plea taken by the Appellant-'Corporate Debtor' is that there is an 'existence of a dispute' and therefore, the petition under Section 9 of the 'I & B Code' was not maintainable - whether pendency of a case before a Court u/s 34 of the Arbitration and Conciliation Act, 1996 can be termed to be 'dispute in existence' for the purpose of sub-section (6) of Section 5 of the 'I & B Code'? - Held that: - for the purpose of Arbitration and Conciliation Act, 1996, an Arbitral Award reaches its finality after expiry of enforcement time or if the application under Section 34 is filed and rejected. However, for the purpose of I & B Code' no reliance can be placed on Section 34 of the Arbitration and Conciliation Act, 1996. The I & B Code' being a Complete Code will prevail over all other Acts including Arbitration and Conciliation Act, 1996. From the provisions made in the Form-5 if read with sub-section (6) of Section 5 and Section 9 of the I & B Code' it is clear that while pendency of the suit or Arbitral Proceeding has been termed to be an 'existence of dispute', an order of a Court, Tribunal or Arbitral Panel adjudicating on the default (commonly known as Award), has been treated to be a "record of Operational Debt". No person can take advantage of pendency of a case under Section 34 of the Arbitration and Conciliation Act, 1996 to stall 'Corporate Insolvency Resolution Process' under Section 9 of the 'I & B Code' - appeal dismissed.
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