Section 116: Power to stay Proceedings.

(1) If any party to a loan agreement or security agreement with a financial institution has submitted in such agreement to the Tribunal’s jurisdiction, and such person commences an action in any Court with respect to any matter which is a subject of the agreement, the Court to which such action is commenced may, if satisfied that there is no sufficient reason why the action should not be referred to the Tribunal in accordance with the agreement, make an order staying the proceedings.
(2) The order staying proceedings in subsection (1) shall not be made where the financial institution has filed pleadings or taken any step in the action other than applying that the Court should refer parties to the Tribunal.