https://www.taxtmi.com/caselaws?id=761852 A section 8 request for arbitration, made after the corporate debtor had already filed its substantive reply in section 7 insolvency proceedings, was held to be time-barred and not maintainable. The tribunal applied the principle that a party who does not invoke section 8 in its first substantive response forfeits the right to seek reference to arbitration later. It also clarified that the adjudicating authority under the Insolvency and Bankruptcy Code must first examine debt and default, and that the pendency or prior initiation of arbitration does not prevent consideration of a section 7 application. Admitted liability in settlement proposals further supported the existence of debt and default. en-us Tue, 29 Oct 2024 00:00:00 +0530 Mon, 18 Nov 2024 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761852 A section 8 request for arbitration, made after the corporate debtor had already filed its substantive reply in section 7 insolvency proceedings, was held to be time-barred and not maintainable. The tribunal applied the principle that a party who does not invoke section 8 in its first substantive response forfeits the right to seek reference to arbitration later. It also clarified that the adjudicating authority under the Insolvency and Bankruptcy Code must first examine debt and default, and that the pendency or prior initiation of arbitration does not prevent consideration of a section 7 application. Admitted liability in settlement proposals further supported the existence of debt and default. Case-Laws IBC Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761852