Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2019 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 371 - HC - Companies LawValidity of Ex-parte award after appointing official liquidator for winding up the company - principal objection taken on behalf of the judgment debtor i.e. Mercantile Ventures Ltd. is that the arbitration proceedings were continued against it while winding up proceedings were ensuing without obtaining leave of the court, as was required under Section 446 of the Companies Act, 1956 - HELD THAT:- What cannot be disputed, to my mind, by Mr. Sachdeva, is the fact that after the Madras High Court had appointed a liquidator qua the judgment debtor company, the arbitration could have only proceeded further with the permission of the concerned company court. In sum the liquidator had to be in seisin of the proceedings. The arbitration proceedings initiated by the decree holder commenced only on 14.03.2007 after this court appointed an arbitrator. The award which, as indicated above, was an ex-parte award, was passed on 23.05.2012 when the official liquidator, attached to the Madras High Court was still in seisin of the affairs of the judgment debtor company, albeit, under the supervision of the Madras High Court. The instant ex-parte award dated 23.05.2012 cannot be enforced against the judgment debtor. Accordingly, execution proceedings are closed
|