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2023 (9) TMI 82 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAICIRP - Liquidation Proceedings’ against the ‘Corporate Debtor - pendency of ‘Arbitral Proceedings’ - it is the stand of the ‘Appellant’ pendency of ‘Liquidation Proceedings’ against the ‘Corporate Debtor’ cannot legally extinguish claims or disputes between the parties which are pending ‘adjudication’ before the ‘Arbitration Tribunal’ or a ‘Court of Law’. HELD THAT:- The Learned Counsel refers to the Order dated 18.01.2022 of the Principal Bench of this ‘Tribunal’ in the matter of M/S TEESTAVALLEY POWER TRANSMISSION LTD. VERSUS M/S ABIR INFRASTRUCTURE PVT. LTD. THROUGH ITS RESOLUTION PROFESSIONAL [2022 (1) TMI 1391 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI.] wherein at paragraphs 3 and 4 it is observed if the arbitration proceedings result in any award in favour of the ‘Appellant’, it shall be open to the Appellant to take such remedy as permissible under the law and impugned order shall not be come in his way in execution of the Arbitral Award. On going through the ‘Impugned Order’ dated 25.05.2023 in IA/239/2022 in CP(IB) No.154/BB/2017 passed by the ‘Adjudicating Authority’/’Tribunal’ is of the considered view that the ‘Adjudicating Authority’/’Tribunal’ based on the facts and circumstances of the instant case and also keeping in mind of the ‘Order’ in Company Appeal (AT) (Ins) No.28 of 2022 to the effect that if the ‘Arbitration Proceedings’ result in any award in favour of the ‘Appellant’, it shall be open to the ‘Appellant’ to take such remedy, as permissible under the law and the ‘Impugned Order’ shall not come in his way in execution of the ‘Arbitral Award’ came to the conclusion that the ‘Liquidator’ had correctly rejected the ‘Appellant’/’Applicant’s claim by means of the reasons given in the letter dated 29.01.2022, considering the fact that the ‘Liquidation’ was a ‘time bound process’. Appeal dismissed.
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