The Bombay High Court has held that the moratorium under Section 14(1)(a) of the Insolvency and Bankruptcy Code, 2016 bars proceedings against a corporate debtor, but does not prohibit proceedings pursued by it, including a counterclaim.
The Court consequently declined to interfere with an arbitral order vacating an earlier status quo arrangement and permitting a housing society to appoint another developer.
The Court was hearing an appeal under Section 37(2)(b) of the Arbitration and Conciliation Act, 1996, challenging an arbitral tribunal’s interim order under Section 17. The corporate debtor contended that the tribunal lacked jurisdiction to entertain the society’s application during the Corporate Insolvency…