Arbitral Award Execution Subordinate to IBC Moratorium

The National Company Law Tribunal held that continued possession and implementation of rights flowing from an arbitral award cannot override the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code, 2016. 

The Tribunal directed parties claiming possession under a pre-CIRP arbitral award to hand over factory premises and assets of the Corporate Debtor to the Resolution Professional, holding that preservation and control of corporate assets during CIRP takes precedence over execution of arbitral rights.