https://www.taxtmi.com/caselaws?id=200876 Pendency of a Section 34 challenge to an arbitral award does not constitute an existing dispute that bars a Section 9 corporate insolvency application. The Insolvency and Bankruptcy Code treats pending arbitration or litigation before receipt of the demand notice as a dispute, while an arbitral award evidences operational debt and default. As a complete code with overriding effect over inconsistent laws, the Code does not permit a debtor to defeat insolvency proceedings merely because it has challenged the award under the Arbitration and Conciliation Act. The award-holder may therefore rely on the award to establish default for Section 9 purposes. en-us Mon, 20 Nov 2017 00:00:00 +0530 Mon, 30 Apr 2018 06:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200876 Pendency of a Section 34 challenge to an arbitral award does not constitute an existing dispute that bars a Section 9 corporate insolvency application. The Insolvency and Bankruptcy Code treats pending arbitration or litigation before receipt of the demand notice as a dispute, while an arbitral award evidences operational debt and default. As a complete code with overriding effect over inconsistent laws, the Code does not permit a debtor to defeat insolvency proceedings merely because it has challenged the award under the Arbitration and Conciliation Act. The award-holder may therefore rely on the award to establish default for Section 9 purposes. Case-Laws Companies Law Mon, 20 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200876