Curbs on invoking IBC in arbitration appeal
The Insolvency and Bankruptcy Code cannot be invoked when an arbitration award has been passed against an operational debtor and it is under appeal. The Supreme Court stated so in its judgment, K Kishan vs M/s Vijay Nirman Co, while setting aside the ruling of the National Company Law Tribunal and the appellate tribunal. In this case, Vijay Nirman and another firm entered into a contract to build an additional two-lane highway on NH67. Disputes arose between them on various dues and they were referred to arbitration. The parties were not satisfied with the