2018 (4) TMI 349

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench whereby and whereunder application preferred by the Resolution Professional on behalf of the Corporate Debtor against the order dated 3rd August, 2017 passed by the Indian Council of Arbitration, New Delhi, has been rejected on the ground that the application against said order is not maintainable. 2. Learned counsel for the Appellant submitted that after declaration of moratorium and appointment of the Resolution Professional, the arbitral proceeding between 'M/s K. S. Oils Ltd.' (Corporate Debtor) and 'The State Trade Corporation of India Ltd.', New Delhi (Financial Creditor) cannot proceed. Reliance has been placed on Section 14 of the Insolven....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... be started after the imposition of the said moratorium and appeals under Section 37 of the Arbitration Act are being entertained. Therefore, we set aside the order of the District Judge dated 06.07.2017 and further state the effect of Section 14(1)(a) is that the arbitration that has been instituted after the aforesaid moratorium is non est in law." 8. The aforesaid principle will also be applicable to the pending arbitral proceeding. 9. The next question will arise as to where the party will move in respect to the claim as has been preferred before the Arbitral Tribunal? In this respect we may observe that after initiation of Corporate Insolvency Resolution Process, all creditors are required to file claim before the Resolution Prof....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ve and collect all the claims submitted by the creditors to him, pursuant to public announcement made under Section 13 and 15 as evident from Section (1) (b) of Section 18 and quoted below: "18. Duties of interim resolution professional. - (1) The interim resolution professional shall perform the following duties, namely:- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to - (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation da....