TMI Blog2015 (3) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... even then the applicant cannot be granted leave to execute such award independent of the liquidation proceedings. The applicant can only lodge its claim with the Official Liquidator based on the award that may be passed in their favour. If this aspect of the matter is kept in view, certainly, the contention putforth on behalf of the Official Liquidator that the expenses of the arbitration proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o initiate arbitration proceedings against the respondent for recovery of the amount which is claimed in the instant application. 2. The applicant and the respondent company in liquidation are stated to have entered into certain franchise agreements, based on which the applicant contends that the company in liquidation is due to pay a sum of ₹ 3,89,11,988/- as claimed in the application. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenses and the representation that is to be made on behalf of the Official Liquidator in the arbitration proceedings. 4. It is further pointed out that in any event, even if the award is passed, the applicant would have to make its claim as and when the Official Liquidator invites claims provided the funds are available for disbursement. It is therefore pointed out that if a claim is made even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 granted leave to execute such award independent of the liquidation proceedings. The applicant can only lodge its claim with the Official Liquidator based on the award that may be passed in their favour. 6. If this aspect of the matter is kept in view, c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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