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2012 (11) TMI 303 - CALCUTTA HIGH COURTStay of Winding up proceedings – additional excavation done by the respondent - Respondent claimed that the company took benefit of excavation work hence, they were obliged to make payment for the additional quantity in accordance with the provisions of Section 73 of the Indian Contract Act. Claim in the arbitration would relate to the identical amount being value of the final bill that was sought to be passed by the appellant company. It is admitted position arbitration is still pending and awaiting its disposal. Held that:- In the instant case, the subject matter of the claim was itself pending and awaiting decision of the arbitrator. Pursuant to our order the appellant already secured the entire claim through bank guarantee. Respondent is permitted to withdraw the amount through encashment of bank guarantee by giving counter guarantee for the same. The Registrar would hold the same till disposal of the arbitration proceeding and would get it renewed from time to time - This is not a fit and proper case to wind up the appellant company - Order of admission of the winding up proceeding is set aside.
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