In proceedings challenging an arbitral award, where the proceedings have been stayed by reason of the insolvency of one of the parties and have not been resumed within the peremptory period of three months from legal knowledge of the interrupting event or from its judicial declaration, pursuant to Article 305 of the Code of Civil Procedure, the proceedings are extinguished, which must be declared of the court's own motion by the adjudicating panel pursuant to Article 307 of the Code of Civil Procedure, operating by operation of law without the need for any further procedural steps.