2015 (3) TMI 583

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....vocates ORDER 1. The applicant is before this Court seeking to direct the respondent to make payment of Rs. 3,89,11,988/- along with interest from August, 2011 till the date of realization. The alternative prayer made by the applicant is to permit the applicant to initiate arbitration proceedings against the respondent for recovery of the amount which is claimed in the instant application. 2. T....

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.... the winding up proceedings and recover the amount. Apart from the said proceedings, the Official Liquidator contends that if leave is granted to initiate the arbitration proceedings, it would only burden the company in liquidation to meet the arbitration expenses and the representation that is to be made on behalf of the Official Liquidator in the arbitration proceedings. 4. It is further pointe....

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....nefit of the applicant. In that regard, there is no dispute to the fact that the claim as made and the first prayer to the application seeking payment of the amount is within the time as provided in law. In such situation, even assuming for a moment that leave is granted to raise the arbitration proceedings and if an award is passed in favour of the applicant, even then the applicant cannot be gra....