Arbitration case insights: Issue 71 (Sirpur Paper Mills case)
May 31, 2021
This update examines the issues in the application filed by Sirpur Paper Mills (“Petitioner”) under Section 34 of the Arbitration and Conciliation Act, 1996 before a Single Judge of High Court at Calcutta against an arbitral award dated 7 July 2008 passed in an arbitration between I.K. Merchants Private Limited and the Petitioner. The Update presents an analysis of the judgements that were passed, which re-emphasised that pre-existing and undecided claims which have not featured in collation of claims and consequent consideration by a Resolution Professional shall be treated as extinguished upon approval of Resolution Plan under Section 31 of IBC.