TaxTMI 
TaxTMI 
1969 (11) TMI 62
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....s summons has been taken by the Hind Mercantile Corporation Private Ltd., under section 34 of the Arbitration Act, for stay of further proceedings in Company Petition No. 47 of 1969. The respondent-company is Rayner and Company Ltd., a company incorporated in the United Kingdom. The respondent-company, among other things, carries on business as buyers and sellers of Indian groundnut extractions. T....
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.... an award is a condition precedent for any of the parties to the contract to initiate legal proceedings. It is, therefore, contended that the company petition filed for winding up the applicant-company should be stayed. The respondent-company contends that the matter arising for decision in the company petition is not one that arises under the contract and that, therefore, the company petition is ....
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....oceedings against the other in respect of any such dispute. The question is whether the institution of the petition under section 433(e) of the Companies Act is a proceeding that would come under the said arbitration clause. No doubt, the language employed in clause 26 of the contract is wide enough to cover any dispute that may arise out of or under the contract. The question for decision in the ....
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....ise out of or under the contract. Under section 34 of the Arbitration Act if any party to an arbitration agreement or any person claiming under him commences any legal proceedings against any other party to the agreement or any person claiming under him in respect of any matter agreed to be referred, any party to such legal proceedings may apply therein for stay of the proceedings. It would be see....