https://www.taxtmi.com/caselaws?id=104257 A winding-up petition founded on an arbitral award should be kept in abeyance while a timely Section 34 challenge remains pending, because the award is not finally enforceable under Section 36 until that challenge is resolved. Where the award debtor has already sought to set aside the award, the creditor's claim is still under adjudication and the basis for alleging inability to pay debts is not conclusively established. Given that winding up is an extreme remedy, the Court should exercise caution and not proceed on an unsettled award. The petition was therefore adjourned until the challenge to the award was finally decided. en-us Fri, 01 Oct 1999 00:00:00 +0530 Tue, 28 Feb 2012 14:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104257 A winding-up petition founded on an arbitral award should be kept in abeyance while a timely Section 34 challenge remains pending, because the award is not finally enforceable under Section 36 until that challenge is resolved. Where the award debtor has already sought to set aside the award, the creditor's claim is still under adjudication and the basis for alleging inability to pay debts is not conclusively established. Given that winding up is an extreme remedy, the Court should exercise caution and not proceed on an unsettled award. The petition was therefore adjourned until the challenge to the award was finally decided. Case-Laws Companies Law Fri, 01 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104257