for the winding up of a Bermuda exempted company, Glencore Grain Limited.

Acting Puisne Judge Narinder K. Hargun has directed that a date be set for the hearing of the petition, as he set aside a June 13 order restraining Agros from advertising the winding up petition.

The dispute between the two firms was occasioned after arbitration awards made under Arbitration Rules of Grain and feed Trade Association (GAFTA) in which arbitrators determined that Glencore had to pay Agros two sums totaling $3,772,951.84.

Agros served two statutory demands upon Glencore in May after the Bermuda company failed to pay. When the statutory demands were not met, Agros petitioned the Bermuda Supreme Court on June 4 to wind Glencore up.

On June 13, Glencore paid to Agros $3,336,837.40, claiming a set off as a result of a separate arbitration award in 1994, together with interest, amounting to $436,114.44.

But Agros disputed that Glencore was entitled to such a deduction.

C. Jerome Dill of Appleby, Spurling & Kempe represented Glencore, while Andrew A. Martin of Mello, Hollis, Jones & Martin appeared for Agros.

Acting Justice Hargun wrote "it is not an appropriate case where the court should continue the injunction restraining the advertisement of the petition.'' He also said that there was material non disclosure by Glencore that the set off as a result of the 1994 award was disputed by Agros. He said that Glencore was duty bound to disclose to the court that Agros viewed its liability under that award as already extinguished.

He concluded: "I discharge the order made on 13th June, 1996 and direct the registrar to fix a new date for the hearing of the petition enabling the petitioner to advertise the petition as required by the rules. "Agros is to have the costs of this application to be taxed if not agreed.''