Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
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The Tribunal considered whether a security deposit taken under an interim order could continue to be retained under the Insolvency and Bankruptcy Code where the underlying contractual dispute was to be addressed through arbitration. It held that retention of the deposit after the miscellaneous application had been finally decided required an independent assessment under the Arbitration Act, and that directing continued retention under the IBC before arbitration commenced would be arbitrary. By consent, the impugned direction was modified so the amount would remain only as security until either party initiates arbitration, after which further custody of the amount would be governed by the arbitrator's orders on appropriate interlocutory applications.
The Tribunal considered whether a security deposit taken under an interim order could continue to be retained under the Insolvency and Bankruptcy Code where the underlying contractual dispute was to be addressed through arbitration. It held that retention of the deposit after the miscellaneous application had been finally decided required an independent assessment under the Arbitration Act, and that directing continued retention under the IBC before arbitration commenced would be arbitrary. By consent, the impugned direction was modified so the amount would remain only as security until either party initiates arbitration, after which further custody of the amount would be governed by the arbitrator's orders on appropriate interlocutory applications.
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