https://www.taxtmi.com/caselaws?id=438930 A Section 9 IBC petition was held not maintainable where the underlying arbitral award was under challenge under Section 34 of the Arbitration and Conciliation Act, 1996. The pending challenge showed that the dispute between the parties had not ended, so the operational debt could not be treated as undisputed. The Tribunal reiterated that insolvency proceedings are not a substitute for debt recovery or execution of an award, and that a real pre-existing dispute requires rejection of the application. As the petition was aimed at recovering the awarded amount and no convincing basis was shown to treat the claim as free from dispute, dismissal was upheld. en-us Mon, 12 Jun 2023 00:00:00 +0530 Mon, 12 Jun 2023 22:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438930 A Section 9 IBC petition was held not maintainable where the underlying arbitral award was under challenge under Section 34 of the Arbitration and Conciliation Act, 1996. The pending challenge showed that the dispute between the parties had not ended, so the operational debt could not be treated as undisputed. The Tribunal reiterated that insolvency proceedings are not a substitute for debt recovery or execution of an award, and that a real pre-existing dispute requires rejection of the application. As the petition was aimed at recovering the awarded amount and no convincing basis was shown to treat the claim as free from dispute, dismissal was upheld. Case-Laws Insolvency and Bankruptcy Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438930