Recently, the Supreme Court in the case of Indus Biotech Private Limited v. Kotak India Venture (Offshore) Fund,2021 SCC OnLine SC 268, clarifiedthat any proceeding that is admitted by the NCLT (National Company Law Tribunal) u/s 7 of Insolvency & Bankruptcy Code (IBC), wherein it is satisfied that there is default and the debt due from the corporate debtor, then any application u/s 8 of the Arbitration & Conciliation Act, 1996 (A&C Act) made thereafter will not be maintainable.
