SC explains how NCLT ought to proceed when Section 8, Arbitration Act application is filed

Indus Biotech Private Limited Vs Kotak India Venture (Offshore) Fund (Earlier Known As Kotak India Venture Limited) & Ors. (Supreme Court) It is clarified that in any proceeding which is pending before the Adjudicating Authority under Section 7 of IB Code, if such petition is admitted upon the Adjudicating Authority recording the satisfaction with regard to the default and the debt being due from the corporate debtor, any application under Section 8 of the Act, 1996 made thereafter will not be maintainable. In a situation where the petition under Section 7 of IB Code is yet to be admitted ...