https://www.taxtmi.com/caselaws?id=185232 A winding up petition cannot be sustained where the alleged debt rests solely on an arbitral award that is still under challenge and has not attained finality. Because the award's validity remained pending before the competent civil court, the debt was not conclusively established and the company's liability remained bona fide disputed. The court noted that admitting and advertising winding up proceedings in such circumstances could unfairly prejudice the company if the award were later set aside. The petition was therefore held not maintainable on the basis of an award under active challenge. en-us Tue, 05 Jul 1994 00:00:00 +0530 Thu, 04 Aug 2016 14:59:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185232 A winding up petition cannot be sustained where the alleged debt rests solely on an arbitral award that is still under challenge and has not attained finality. Because the award's validity remained pending before the competent civil court, the debt was not conclusively established and the company's liability remained bona fide disputed. The court noted that admitting and advertising winding up proceedings in such circumstances could unfairly prejudice the company if the award were later set aside. The petition was therefore held not maintainable on the basis of an award under active challenge. Case-Laws Companies Law Tue, 05 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185232