A:
They can proceed only after confirmation from the Company Law Board.
B:
This cannot be a subject-matter of arbitration since an arbitrator has no jurisdiction to wind up a company.
C:
This can be settled by an arbitration panel.
D:
This can be settled only a sole arbitrator appointed by the Chief Justice of a High Court.
E:
The parties must enter into a mandatory mediation proceeding first.
Explanation
B: This cannot be a subject-matter of arbitration since an arbitrator has no jurisdiction to wind up a company.
Explanation:
The principle states that the power to order the winding up of a company is conferred exclusively upon the Company Court by the Companies Act, 1956. Winding up a company is a legal process that involves various legal and regulatory aspects, and it is not within the jurisdiction of an arbitrator. Arbitration is a mechanism for resolving disputes between parties based on their contractual agreements, but it cannot be used to decide matters that are outside the scope of contractual disputes.
In this case, the dispute relates to the winding up of Company X, which involves legal and regulatory processes governed by the Companies Act, 1956. Therefore, the dispute cannot be subject to arbitration, and option B is the correct choice. An arbitrator does not have the jurisdiction to wind up a company or make decisions related to such matters. Parties would typically need to approach the appropriate legal authorities or courts for issues related to the winding up of a company.
