Mere Pendency of Insolvency Petition not A Bar to Arbitrator Appointment

Millennium Education Foundation Vs Educomp Infrastructure And School Management Limited (Delhi High Court) The Supreme Court has categorically held that the adjudicating authority i.e., NCLT has a duty to advert to the contentions put forth on the application filed under the Insolvency and Bankruptcy Code and to examine the material placed before it and record its satisfaction as to whether there is a default or not. The Supreme Court has further held that if a petition under the Insolvency and Bankruptcy Code is admitted, upon the adjudicating authority recording its satisfaction then an appl...