K.Kishan vs M/S Vijay Nirman Company Pvt. Ltd. Rep. ...

The Supreme Court addressed whether the Insolvency and Bankruptcy Code, 2016 can be invoked for operational debt when an Arbitral Award is under challenge. The Court held that an operational debt, as defined under Section 3(11) of the Code, can be claimed even if the award is contested under Section 34 of the Arbitration and Conciliation Act, 1996. The Court emphasized that the existence of a dispute does not bar the initiation of proceedings under the Code, thus allowing the operational creditor to proceed with the insolvency application.