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2013 (11) TMI 441 - HC - Companies LawValidity of defence - Arbitration clause - Held that:- In the circumstances, particularly, since the rubber stamp of the petitioner appearing on the questioned document of September 22, 2010 is at variance with the impression of the petitioner's rubber stamp in the documents elsewhere, the company's defence appears to be without basis and the petitioner appears to be justified in his assertion that the company has fabricated the document or brought the same into existence for the purpose of resisting this claim. There is a further tell-tale sign of the company having no defence to the claim in the company having received the statutory notice and not replying thereto. If a company had squared off a transaction by payment in the year 2010, if would defy logic and reason that it would receive the statutory notice demanding payment in respect of such transaction but would not reply thereto. The company's affidavit makes out a simplistic story of some person in the company having questioned the petitioner or an associate and it having been agreed between such persons that the statutory notice would not be proceeded with. The explanation by the company as to why the statutory notice was not replied to, is not worthy of belief. It is elementary that an arbitration clause does not stand in the way of a company petition being filed or being adjudicated on merits. In any event, the agreement that is asserted by the petitioner in this case is the settlement agreement of June 16, 2009 which does not contain any arbitration clause.
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