For the purposes of this article, we discuss two of the issues that the CA had considered in Tomolugen Holdings:. The law as set out by the CA in Tomolugen Holdings is ground-breaking because it has clariTed certain areas of the law in relation to arbitrability and stay applications. The salient facts are as follows. The PlaintiM purchased its shares from the second Defendant, Lionsgate Holdings Pte Ltd, pursuant to a share sale agreement and a supplemental agreement entered into between the PlaintiM and the second Defendant to pay by making the necessary payment within seven days of the demand. However, the Defendant failed to make any payment to the PlaintiM within the stipulated period.
Cairn Energy offers to forego $500 mn if India agrees to honour arbitration award
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This article aims to elaborate the position of law in India and abroad on arbitrability of Insolvency matters and further explains how the NCLT has erred in determining that the provisions of the ACA can prevail over the IBC. During the Qualified Initial Public Offering process, a dispute arose regarding the calculation and conversion formula to be followed while redeeming the OCRPS into equity shares. Challenging the said application, an Interim Application under Section 8 of the ACA, was filed by Indus, contending that the dispute in question was bound to be referred to Arbitration in accordance with the SSSA between the parties. Indus Biotech contended that the arbitration clause provided in the SSSA is wide enough to cover the dispute between the parties. On the other hand, Kotak contended that a Section 7 IBC petition belongs to that class of litigation which falls out of the scope and ambit of arbitration as these matters are in rem.