https://www.taxtmi.com/caselaws?id=438678 A Section 11 petition under the Arbitration and Conciliation Act was refused because the contractual option had not been validly exercised within the stipulated option period. On a plain reading of the Option Agreement, the period ended on 13 January 2017, and the notices relied on were outside that timeframe, so the asserted contractual right never arose in law and the claim was treated as deadwood. The court also noted that the separate NCLT order did not assist, insolvency objections failed because no viable claim had been pursued in the CIRP, and the stamping issue did not arise once the claim was found unsustainable. Non-joinder of the SPV was treated as curable but immaterial to the result. en-us Mon, 05 Jun 2023 00:00:00 +0530 Tue, 06 Jun 2023 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438678 A Section 11 petition under the Arbitration and Conciliation Act was refused because the contractual option had not been validly exercised within the stipulated option period. On a plain reading of the Option Agreement, the period ended on 13 January 2017, and the notices relied on were outside that timeframe, so the asserted contractual right never arose in law and the claim was treated as deadwood. The court also noted that the separate NCLT order did not assist, insolvency objections failed because no viable claim had been pursued in the CIRP, and the stamping issue did not arise once the claim was found unsustainable. Non-joinder of the SPV was treated as curable but immaterial to the result. Case-Laws Insolvency and Bankruptcy Mon, 05 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438678