- (1.) The appeal is directed against an order of June 7, 2016 by which the Company Court refused to entertain a creditor's winding-up petition merely on the ground that there was an arbitration agreement in the matrix contract under which the claim was made.
(2.) In course of the discussion in the order impugned, a Division Bench judgment of this Court (Maheswari Ispat Ltd. v. Tata Capital Financial Services Ltd, 2013 179 CompCas 15) has been referred to and some of the observations from such Division Bench judgment, which do not constitute the ratio decidendi of such judgment, have been quoted verbatim.
(3.) The discussion herein may be totally academic in view of the change of law and upon High Courts being denuded of their authority to entertain creditors' winding-up petitions against companies. For over a century the law has remained unchanged. A creditor asserting as such has a statutory right to seek the winding-up of a debtor company. However, it is not necessary that even if such creditor demonstrates an undisputed debt, that the company must be wound up.;