Can winding up be filed during arbitration?


Respected Sir,

We receieved a arbitral award  from our traders association against our debtor and it was challeneged on the grounds of  validity of arbitration by the opposing party , the proceedings have been going for 6 + years in high court , can i file a winding up in company law board as the debtors have intentions of disposing the fixed assets ( we have a stay on their  assets from the High Court as relief)? 

Thnaks & Regards

 
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ADVOCATE AND CORPORAE ADVISOR

1.  Winding up petition can be filed to the concerned High Court

2.  in case liquidator is apponted by the Court, the liquidator shall take care of execution of award

 

3. from the information given in the query, winding up petition is required to be filed .

 

dr vedula gopinath

vgopinath2@yahoo.com

09848227926

 
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Thank You . Sir

Regards 

 
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Hi,

Yes you can file winding up and i am sure you ust have done it by now but kindly remember that windig up petition can be only filed for admitted dues and dues which are in dispute cannot be entertained under winding up petition. Why not file section 9 application under the 1996 act. That might help you to restrain the opp-parties from selling of the property or you can secure your amount in question.

Regards

Saurendra Rautray

Rautray & Co

New Delhi.

www.rautray&co

09437008255

 
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Advocate

Winding up under 434 (1) (a) might not be possible now because of limitation hurdle given that your dispute is going on for more than 6 years now. Also that is for debt which is enforceable & acknowledged by the opposite party (and not a disputed one)

However, you can file winding up petition under Section 434 (1) (b) if execution or other process issued on a decree or order of any Court in favour of a creditor of the company is returned unsatisfied in whole or in part. 

 
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