2020 (10) TMI 220

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....e matter of M/s. Indu Projects Limited filed under section 14 & 60(5) of the Insolvency and Bankruptcy Code, 2016, inter-alia seeking the following reliefs:- i. Grant stay against the award dated 19.03.2019 passed by the Sole Arbitrator/Respondent No. 2 herein in CA No. DG MAP/PHASE-II/UDHAMPUR/PKG-1C of 2010-11: CONSTRUCTION OF RESIDENTIAL ACCOMMODATION AT UDHAMPUR (ARMY) . ii. Set aside the award dated 19.03.2019 passed by the Sole Arbitrator/Respondent No. 2 herein in CA No. DG MAP/PHASE-II/UDHAMPUR/PKG-1C of 2010-11: CONSTRUCTION OF RESIDENTIAL ACCOMMODATION AT UDHAMPUR (ARMY) . 2. The brief facts of the case are as follows: a) That a contract was entered between the Corporate Debtor i.e., M/s. Indu Project....

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....ain papers. Accordingly, a sealed envelope containing 3 sealed covers inside one containing original award and the other two containing a photocopy of original award one meant each for DG MAP and M/s. IPL respectively is being sent to DG MAP. (4) . DG MAP shall take action to file the award in the appropriate forum and shall also pay the requisite stamp duty on the award. DG MAP shall also dispatch the envelope containing copy of arbitration award meant for M/s. IPL simultaneously as and when the original sealed award is filed in the appropriate forum." d) That the CIRP commenced on 25.02.2019, whereas the Arbitration award was passed on 19.03.2019 and therefore it is non-est in law. Relieance is placed upon the Hon'ble Supreme....

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....er clause 60 of the CA as sole Arbitrator, after resignation of erstwhile arbitrator Shri. Satish Chander on 25.02.2015, for adjudication of certain claims amounting (???) 49.32 Crores of R1 for recovery of the extra cost incurred by it for execution of balance work. c) That the arbitral proceedings did commence on 06.09.2017 and concluded on 24.04.2018, much before the order of this Adjudicating Authority's order dated 25.02.2019 pronouncing the moratorium and only the award was to be published. d) That the said Company Application bearing CP (IB) No. 372/7/HDB/2018 between the Corporate Debtor and Bank of India was pending when the arbitral proceedings were at concluding stage. The Applicant neither informed the R2 a....