https://www.taxtmi.com/caselaws?id=303137 A High Court considering a Section 9 petition held that an NCLAT stay order in IL&FS-related proceedings did not bar its jurisdiction to entertain interim relief under the Arbitration and Conciliation Act, 1996. The tribunal order under Sections 241 and 242 of the Companies Act could not override the statutory scheme for arbitral interim protection. On merits, the Court refused to restrain enforcement of the event of default and pledge invocation notices, finding that the petitioner was in substantial breach of its commercial obligations and was effectively seeking to rework the bargain. Interim equitable relief was therefore declined and the petition was dismissed. en-us Fri, 09 Apr 2021 00:00:00 +0530 Wed, 06 Jul 2022 00:18:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303137 A High Court considering a Section 9 petition held that an NCLAT stay order in IL&FS-related proceedings did not bar its jurisdiction to entertain interim relief under the Arbitration and Conciliation Act, 1996. The tribunal order under Sections 241 and 242 of the Companies Act could not override the statutory scheme for arbitral interim protection. On merits, the Court refused to restrain enforcement of the event of default and pledge invocation notices, finding that the petitioner was in substantial breach of its commercial obligations and was effectively seeking to rework the bargain. Interim equitable relief was therefore declined and the petition was dismissed. Case-Laws Indian Laws Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303137