Arbitral Awards Are Valid Records Of Default Under The Indian Bankruptcy Code (Annapurna v Soril)

Arbitration analysis: Moazzam Khan, co-head of International Dispute Resolution Practice and Siddharth Ratho, a member of the same team at Nishith Desai Associates consider the decision in Annapurna Infrastructure Pvt Ltd v Soril Infra Resources Ltd in which the National Company Law Appellate Tribunal of India (NCLAT) found that an arbitral award concludes the disputes between parties and is a valid record of default under the Indian Insolvency and Bankruptcy Code, 2016.

Original News

Annapurna Infrastructure Pvt Ltd & Anor v Soril Infra Resources Ltd, Company Appeal (AT) (Insolvency) No. 32 of 2017 (not reported by Lexis®Nexis UK)

The NCLAT held that:

• an arbitral award concludes the disputes between parties and is a valid record of default under the Indian Insolvency and Bankruptcy Code, 2016 (the IBC or Code)