Delhi & Bombay High Court: Whether Section 34 proceedings needs to be stayed if corporate insolvency against an award creditor corporate debtor is initiated during its pendency?

Once an application seeking initiation of corporate insolvency resolution process (CIRP) of a corporate debtor is admitted by the National Company Law Tribunal, a moratorium is imposed under Section 14(1)(a) of the Insolvency & Bankruptcy Code, 2016 (Code), prohibiting institution of suits or continuation of pending suits or proceedings against the Corporate Debtor. Consider a…

Supreme Court of India: Whether the Delay In Passing the Award Can Be A Ground To Appoint A Substitute Arbitrator By the Court In Deviation With the Arbitration Agreement

In Rajasthan Small Industries Corporation Limited v. Ganesh Containers Movers Syndicate 2019 (1) SC ALE 670, the Supreme Court of India decided the validity of the appointment of an arbitrator by the court of its own choice departing from the arbitration clause. The Court inter-alia held that mere neglect of an arbitrator to act or…

Supreme Court of India: Power to Grant Pre & Post Award Interest in India

In Vedanta Limited vs Shenzhen Shandong Nuclear Power, Civil Appeal No.10394 of 2018, decided on 11 October 2018, the Supreme Court of India set the parameters for the arbitral tribunal to award interest in international commercial arbitrations. While doing so, the Court noticed that the current practice of awarding interest in international commercial arbitrations is…