A Bench comprising of
Navin Sinha and
KM Joseph observed that an application under Section 34 of the Arbitration and Conciliation Act to set aside an award is covered by moratorium under Section 14 of the Insolvency and Bankruptcy Code.
Section 34 proceeding is a proceeding against the corporate debtor in a court of law pertaining to a challenge to an arbitral award and would be covered just as an appellate proceeding in a decree from a suit would be covered, the bench headed by Justice RF Nariman observed in the judgment titled P Mohanraj & Ors. v. M/s Shah Brothers Ispat Ltd.
Centre Promulgates Tribunals Reforms Ordinance, 2021
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The Central Government has notified the Tribunals Reforms (Rationalisation and Conditions of Service) Ordinance, 2021, to dissolve certain existing appellate bodies and transfer their functions to other existing judicial bodies.
Whereas a Bill to the above effect as introduced in the Lok Sabha during the Budget Session 2021, it could not be taken up for consideration and passing. Hence, the Centre has introduced the instant Ordinance in exercise of its powers under Article 123 of the Constitution, to the following effect:
Amendments to the Finance Act, 2017
Section 184 of the Finance Act, 2017 empowers Central Government to make rules for qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of Members of Tribunals.
JUDGMENTS 1. Collusive Commercial Transactions With Corporate Debtor Will Not Constitute Financial Debt Under IBC: Supreme Court [Case: Phoenix Arc Private Limited v. Spade Financial.