Supreme Court of India · 2018-08-14
K.KISHAN vs M/S VIJAY NIRMAN COMPANY PVT. LTD. REP. BY ITS MANAGING DIRECTOR
- Citation / case number
- SC 2017/40576
- Court
- Supreme Court of India
- Petitioner
- K.KISHAN
- Respondent
- M/S VIJAY NIRMAN COMPANY PVT. LTD. REP. BY ITS MANAGING DIRECTOR
- Author
- HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN
- Bench
- HON'BLE MS. JUSTICE INDU MALHOTRA HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN
Judgment text excerpt
The Supreme Court addressed the applicability of the Insolvency and Bankruptcy Code, 2016 (IBC) concerning operational debts arising from an Arbitral Award that is under challenge. The Court held that an Arbitral Award constitutes an operational debt as defined under Section 3(11) of the IBC, even if it is subject to a Section 34 petition under the Arbitration and Conciliation Act, 1996. The Court emphasized that the existence of a challenge to the award does not preclude the invocation of the IBC for recovery of the awarded amount.