https://www.taxtmi.com/caselaws?id=761852 The NCLAT dismissed an appeal where a corporate debtor sought to refer the dispute to arbitration under Section 8 of the Arbitration Act after filing a reply to a Section 7 insolvency application. The tribunal held that the right to move a Section 8 application was forfeited as it was filed belatedly in March 2024, months after the December 2023 reply. The financial creditor had previously initiated arbitration proceedings in 2019, but the arbitrator terminated proceedings in 2021. The NCLAT ruled that Section 7 applications take precedence over arbitration proceedings, and allowing Section 8 would defeat the IBC's purpose. The corporate debtor had admitted debt and default in settlement offers made in 2019 and 2022. 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 The NCLAT dismissed an appeal where a corporate debtor sought to refer the dispute to arbitration under Section 8 of the Arbitration Act after filing a reply to a Section 7 insolvency application. The tribunal held that the right to move a Section 8 application was forfeited as it was filed belatedly in March 2024, months after the December 2023 reply. The financial creditor had previously initiated arbitration proceedings in 2019, but the arbitrator terminated proceedings in 2021. The NCLAT ruled that Section 7 applications take precedence over arbitration proceedings, and allowing Section 8 would defeat the IBC's purpose. The corporate debtor had admitted debt and default in settlement offers made in 2019 and 2022. Case-Laws IBC Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761852