TMI Blog2019 (12) TMI 1488X X X X Extracts X X X X X X X X Extracts X X X X ..... found that initially pursuant to an agreement dated 26th September, 2006 one Arbitral Award was passed by the Hon ble Sole Arbitrator on 27th January, 2014. Subsequently, another award was passed by the Hon ble Sole Arbitrator on 31st March, 2017. Therein apart from the amount of ₹ 7,00,88,809.56/- the Arbitral Tribunal awarded interest @ 18% from the date of award till date of payment by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Justice Bansi Lal Bhat, Member (Judicial) And Justice Venugopal M., Member (Judicial) For Appellant: Mr. Sanjeev Pathak, Advocate. For Respondent: None ORDER HDFC Bank Ltd. moved application under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against M/s Bhawan Das Auto Finance Ltd. (Corporate Debtor). The A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther award was passed by the Hon ble Sole Arbitrator on 31st March, 2017. Therein apart from the amount of ₹ 7,00,88,809.56/- the Arbitral Tribunal awarded interest @ 18% from the date of award till date of payment by the Respondent or realization thereof. Therefore, if the Appellant intends to rely on the award, we hold that there is no default and thereon application under Section 7 is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lakh rupees but may extend to one crore rupees. 6. If it is treated as application under Section 7 for execution of award, in said case it is to be held that the application was filed with malicious intent not for purpose of resolution of insolvency or liquidation. However, we are not giving such finding in case of the Bank and hold that the application under Section 7 was barred by limitati ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
