JUDGMENT

G.S.Kulkarni, J. - a short but interesting question arises for consideration in this application filed under Section 11 of the arbitration and Conciliation act,1996 (for short 'the aCa'). The question being, whether mere filing of a proceeding under Section 7 of the Insolvency and Bankruptcy Code, 2016, would amount to any embargo on the Court considering an application under Section 11 of the arbitration and Conciliation act,1996, to appoint an arbitral tribunal?

2. Briefly the facts are:

It is the case of the applicant that the respondent in the usual course of its business provided financial assistance to the applicant of an amount of Rs.4,50,00,000/- for which a loan agreement dated 23 april 2015 was entered between the applicant and the respondent referred as 'agreement No.1'.

3. as contended by the applicant, the business scenario had undergone a change and created a negative impact during the subsistence of agreement No.1. In such situation, another agreement dated 5 July 2016 referred to as 'agreement No.2' was executed between the parties, under which, the date of repayment of the borrowing was extended from 30 June 2015 to 31 March 2017. Except for such variation, it