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TMI BlogSeeking appointment of Arbitrator so as to to constitute an Arbitral Tribunal to adjudicate upon the disputes.X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Arbitral Tribunal owes its origin to the Share Subscription and Shareholders Agreements ( SS and SA ) dated 20.07.2007, 12.07.2007, 09.01.2008 and the Supplemental Agreements dated 22.03.2013 and 19.07.2017. By way of the said agreements the Respondent Nos. 1 to 4 subscribed to equity shares and Optionally Convertible Redeemable Preference Shares ( OCRPS') in the company i.e. Indus Bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and conversion formula to be applied in converting the preference shares of the respondents No. 1 to 4, into equity shares. The formula as stated by the respondent Nos. 1 to 4, provided they would be entitled to 30 per cent of the total paid up share capital in equity shares. The petitioner company, by relying on the reports of the auditors and valuer contended that the respondents No. 1 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto a default. Now the debt had not been paid by the company, had given a cause of action for the Respondents No. 1 to 4 herein to invoke the jurisdiction of the Adjudicating Authority, NCLT by initiating the Corporate Insolvency Resolution Process ( CIRP') provided under the Insolvency and Bankruptcy Code, 2016 ( IB Code'). Respondent no. 2 filed a petition seeking appointment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and the formula to be worked thereunder, such consideration in the present facts may be resolved by the Arbitral Tribunal consisting of same members but separately constituted in respect of each agreement. Separate proceedings in the agreement providing for international arbitration and in others by clubbing the domestic disputes . This note may have helped the readers learn the nuances ..... X X X X Extracts X X X X X X X X Extracts X X X X
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