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Apex Court strikes down provision related to ‘automatic stay’ on arbitral awards

November 28, 2019[2019] 111 taxmann.com 468 (SC)
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Arbitration Act : Supreme Court strucks down deletion of section 26 of Arbitration and Conciliation (Amendment) Act, 2015 together with insertion of section 87 into Arbitration Act, 1996, (providing for automatic stay of arbitration awards) by section 13 of Arbitration and Conciliation (Amendment) Act, 2019 as being manifestly arbitrary under Article 14 of Constitution of India

• Supreme Court also rejected challenge made to various provisions of Insolvency and Bankruptcy Code, 2016 stating that when challenges are made to arbitral award, amount said to be due by an operational debtor would become disputed, and, therefore be outside clutches of Insolvency Code

• Where there was factual dispute between parties relating to exact quantum of arbitral-awards in favour of petitioner company due from respondent PSUs and amounts which might have already been paid and/or deposited by respondent PSUs in favour of petitioner company under said arbitral awards, Supreme Court cannot, in exercise of its jurisdiction under Article 32 of Constitution undertake a detailed investigation to determine status of monies paid/deposited pursuant to arbitral-award in favour of petitioner company and, therefore, no directions in respect thereof were to be made

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