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2011 (9) TMI 739 - ANDHRA PRADESH HIGH COURTPetition for winding up of companies - on the ground that it failed to discharge its liability to a tune of Rs. 1,57,01,080 - The petitioner abruptly stopped the installation and erection works of the transformer and thereby caused much delay in the expansion programme, which caused great loss and irreparable damage to the respondent-company - It is to be noted that there are two indents emanating from the respondent-company - One is purchase order and another is work order - Though the respondent-company pleaded that it paid some more amount other than Rs. 45,55,000 it has not placed any material on record to substantiate the same - Exchange of e-mails between the parties clearly establish that the respondent-company accepted its liability to pay Rs. 1,57,01,080 towards the value of the transformer supplied by the petitioner - It is well-settled that the power to order winding up of a company is contained under the Companies Act and is conferred on the court. Winding up and arbitration clause - held that:- Existence of arbitration clause is not a ground to dismiss the application seeking an order of winding up of the respondent-company. - Accordingly, the company petition is admitted
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