1990 (8) TMI 323

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....Hemant Kumar Gupta for the Petitioner. N.K. Sodhi and S.K. Hira Ji for the Respondent. JUDGMENT I.S. Tiwana, J. - The short but interesting question of law that arises in this case is : whether, in a petition under sections 433, 434, 439, 582 and 583 of the Companies Act, 1956, filed for the winding up of the company, a prayer made under section 34 of the Arbitration Act, 1940, for referr....

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.... the partners that the company would take over all the assets and liabilities as a going concern as per the balance-sheet drawn as on March 31, 1989. It was further agreed that the company which was described as a continuing partner in the deed of dissolution would pay to the outgoing partners the amounts standing to their credit in their respective accounts as per the balance-sheet drawn up as on....

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....ompanies Act as the same had been rendered insolvent arid was unable to pay its debts and other financial liabilities. This company application has been filed by the respondents for the enforcement of the above referred clause No. 15 of the partnership deed dated March 16, 1989, with a prayer that the matter be referred to arbitration and proceedings in Company Petition No. 39 of 1990 be stayed fo....

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....s to conceive that the proceedings for winding up under the above-noted sections of the Companies Act, in any way, are the proceedings for the recovery of any amount. On the contrary, the above-noted provisions, record or codify the circumstances/grounds on which a company can be ordered to be wound up by the court. So, none of the disputes referred to in the above-noted clause 15 of the partnersh....