Arbitration clause in share purchase agreement doesn't block CIRP initiation u/s 7 of Insolvency and Bankruptcy Code.

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Full Text of the Document

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....Corporate Insolvency Resolution Process - The presence of an arbitration clause in the share purchase agreement would not cause any impediment with regard to initiation of Corporate Insolvency Resolution Process because under Section 7 of the Code the mentioning of an arbitration clause in the disputed agreement is no bar to the admission of the petition and initiation of Corporate Insolvency Resolution Process unlike Section 8 & 9 of the Code.....