IN RE Vs. NICCO CORPORATION LIMITED

JUDGEMENT

(1.) The petition filed by the Corporate Debtor, Nicco Corporate Limited (C.P.No. 03/2017) did not make any reference to the issue of arbitration pending before the Ld. Arbitrator. The moratorium has already been made effective vide our earlier order dated 18-01-2017. Ld. Counsel representing the Resolution Professional submitted today that they have initiated the arbitration proceedings against IOCL In terms of Section 14(a) of IBC 2016 moratorium has already been given.

(2.) In view of this the arbitration proceedings, which have been initiated by the Corporate Debtor earlier to the filing of the suit (wherein no reference has been made regarding pending arbitration) the Corporate Debtor as represented by the Resolution Professional may exercise his option to withdraw the arbitration proceedings already initiated or to seek a stay till the end of the moratorium period. The fact of existing arbitration ought to have been placed before the Tribunal at the time of the petition under Section 10 of the IBC. The RPks also directed to give a list of arbitration proceedings initiated by the Corporate Debtor or by any other party before the next date of hearing of the matter i.e. on 10/05/2017.