https://www.taxtmi.com/caselaws?id=199191 A winding up petition under the Companies Act, 1956 is a statutory proceeding concerning a company's inability to pay debts, and is distinct from contractual adjudication of disputes under an arbitration clause. On that basis, Section 34 of the Arbitration Act, 1940 could not be used to stay the winding up proceedings merely because the underlying contract contained an arbitration agreement. Stay also required a subsisting arbitration agreement, a real dispute within its scope, readiness and willingness to arbitrate, and an application made before taking other steps in the proceeding; those conditions were not met because liability was acknowledged, part payment had been made, and no concrete arbitral dispute was shown. en-us Thu, 06 Jun 1996 00:00:00 +0530 Thu, 22 Feb 2018 13:25:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199191 A winding up petition under the Companies Act, 1956 is a statutory proceeding concerning a company's inability to pay debts, and is distinct from contractual adjudication of disputes under an arbitration clause. On that basis, Section 34 of the Arbitration Act, 1940 could not be used to stay the winding up proceedings merely because the underlying contract contained an arbitration agreement. Stay also required a subsisting arbitration agreement, a real dispute within its scope, readiness and willingness to arbitrate, and an application made before taking other steps in the proceeding; those conditions were not met because liability was acknowledged, part payment had been made, and no concrete arbitral dispute was shown. Case-Laws Indian Laws Thu, 06 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199191