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
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
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
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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DR.VEDULA GOPINATH
