TMI Blog2018 (4) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... open to both of them to file their respective claim and counter claim, if any, before the Resolution Professional. - Company Appeal (AT) (Insolvency) No. 284 of 2017 - - - Dated:- 30-1-2018 - Mr. S. J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Mr. Vivek Sibal, Ms. Pooja M. Saigal and Ms. Khyati Sharma, Advocates For The Respondents : Ms. Sumati Anand, Advocate for STC ORDER This appeal has been preferred by M/s K. S. Oils Ltd. (Corporate Debtor) through Mr. Kuldip Verma, Resolution Professional against order dated 6th October, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench whereby and whereunder application preferred by the Resolution Professional on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Asset Reconstruction Company Ltd. Versus M/s Hotel Gaudavan Pvt. Ltd Ors. in Civil Appel no. 16929 of 2017 . In the said case the Hon ble Supreme Court by judgement dated 23rd October, 2017 observed:- 5) The mandate of the new Insolvency code is that the moment an insolvency petition is admitted the moratorium that comes into effect under Section 14(1)(a) expressly interdicts institution or continuation of pending suits or proceedings against Corporate Debtors. 6) This being the case, we are surprised that an arbitration proceeding has been purported to be started after the imposition of the said moratorium and appeals under Section 37 of the Arbitration Act are being entertained. Therefore, we set aside the order of the D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insolvency resolution process and call for the submission of claims under section 15; and ( c) appoint an interim resolution professional in the manner as laid down in section 16. ( 2) The public announcement referred to in clause (b) of sub-section (1) shall be made immediately after the appointment of the interim resolution professional. 10. Section 15 stipulate public announcement in the manner as prescribed giving all the information as required under Sub-Section (1) of Section 15. Thereafter, the Interim Resolution Professional is required to receive and collect all the claims submitted by the creditors to him, pursuant to public announcement made under Section 13 and 15 as evident from Section (1) (b) of Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vail over the Arbitration and Conciliation Act, 1996. 13. In view of the provisions as referred to the above and the decision of the Hon ble Supreme Court in Alchemist Asset Reconstruction Company Ltd. Versus M/s Hotel Gaudavan Pvt. Ltd Ors. we hold that the arbitral proceeding pending between M/s K. S. Oil Ltd. (Corporate Debtor) and The State Trade Corporation of India Ltd. (Financial Creditor) before the Indian Council of Arbitration cannot proceed during the moratorium period. 14. For the reasons recorded above while we are not inclined to interfere with the part of the impugned order whereby the Adjudicating Authority refused to set aside the order passed by the Indian Council of Arbitration, declare that the Arbitratio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
