MOUSHUMI BHATTACHARYA,J. - (1.) The petitioner prays for setting aside of an Award dated 7th July, 2008 and contends that the present application under Section 34 of The Arbitration and Conciliation Act, 1996 (the Act) cannot be proceeded since Corporate Insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (the IBC) has been initiated against the petitioner as the Corporate Debtor.
(2.) The question which arises therefore is whether the present application under Section 34 of the Act should be kept in abeyance by reason of the provision of the IBC being invoked by operational creditors against the petitioner.
(3.) Learned counsel for the petitioner places a bunch of orders of the National Company Law Tribunal (NCLT), Hyderabad Bench in applications by various Operational Creditors against the petitioner (Corporate Debtor). Counsel places the relevant portions of the order which are set out below; '40. This Adjudicating Authority hereby declare that the Resolution Plan is binding on the Corporate Debtor, employees of the Corporate Debtor, members of the Corporate Debtor, creditors of the Corporate Debtor, guarantors of the Corporate Debtor and other stakeholders involved in the Resolution Plan. 41. This Adjudicating Authority hereby declare that the moratorium order passed by this authority u/s 14 shall cease to have effect.' ;