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of <h1>Shipping Company's Winding Up Petition Dismissed; Dispute Heads to Arbitration Over Unsigned Contract with Mining Firm.</h1> <h3>Western Bulk Pte. Limited Versus ILC Industries, Bangalore</h3> The S'pore HC dismissed the petition for winding up filed by the petitioner, a shipping company, against the respondent, an iron ore mining company, due ... Admission of debt - existence of cause of action to present the winding up petition or not - HELD THAT:- It cannot be said that there is a clear admission of a debt by the contracting party and that it would give rise to a cause of action to present this winding up petition. The claim, if any of the petitioner is relatable to a contract and the claim for various amounts under several heads are matters which have to be adjudicated in a formal suit or other proceedings which the parties may have agreed upon in the contract. It is also admitted by the learned counsel for the petitioner that the parties have provided for arbitration in the event of any disputes. The counsel for the respondent however, stoutly refutes and would submit that there is not even a contract signed by the present respondent. In any event, it is not evident that there is an admitted debt crystallized, which gives rise to a cause of action for the winding up petition. The petition is accordingly disposed of, without prejudice to the claim of the petitioner. The petitioner, a Singaporean shipping company, claimed damages from the respondent, an iron ore mining company, but the court found no clear admission of debt. The petition for winding up was disposed of without prejudice to the petitioner's claim, as arbitration was provided for in the contract. The respondent denied the existence of a signed contract.
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