2019 (9) TMI 1612 - SC - Insolvency and Bankruptcy

Seeking to stay further proceedings before the National Company Law Tribunal - seeking to direct respondent Nos. 5-8 - Union of India-National Highways Authority of India, NHPC Ltd., IRCON International Ltd. and NTPC Limited to pay off amounts due under the Awards of Arbitrators which have not been stayed by any Court - HELD THAT - List the matter on 04th October, 2019.

Summary

The Supreme Court issued an order for two interlocutory applications, one to stay proceedings before the National Company Law Tribunal and the other to direct certain entities to pay off arbitration awards totaling Rs. 6,070 crores. The petitioner's counsel agreed to pay operational creditors Rs. 8.81 crores and Rs. 26.21 crores within 12 weeks. Notice was issued to the respondents, and the matter was listed for October 4, 2019. The order was to be orally communicated to the NCLT on the same day.