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Application u/s 8 of Arbitration Act made after admission of petition u/s 7 of IBC will not be maintainable: SC

March 27, 2021[2021] 125 taxmann.com 393 (SC)
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IBC: In any proceeding which is pending before Adjudicating Authority under section 7 of IBC, if such petition is admitted upon Adjudicating Authority recording satisfaction with regard to default and debt being due from corporate debtor, any application under section 8 of Arbitration Act, 1996 made thereafter will not be maintainable. In a situation where petition under section 7 of IBC is yet to be admitted and, in such proceedings, if an application under section 8 of Act, 1996 is filed, Adjudicating Authority is duty bound to first decide application under section 7 of IBC by recording a satisfaction with regard to there being default or not, even if application under section 8 of Act, 1996 is kept along for consideration. In such event, natural consequence of consideration made therein on section 7 of IBC application would befall on application under section 8 of Act, 1996

• [Indus Biotech (P.) Ltd. v. Kotak India Venture Fund-I [2020] 117 taxmann.com 912 (NCLT - Mum.) Affirmed.]

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