Winding up of sick industrial company: tribunal may order liquidation and appoint an operating agency officer when company is unviable. If the Tribunal, after inquiry and hearing, concludes a sick industrial company cannot restore net worth, meet obligations, or become viable, it may order the winding up. For winding up the Tribunal may appoint an operating agency officer as liquidator with official liquidator powers, sell assets and direct distribution under the Act, and aim to conclude winding up within one year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Winding up of sick industrial company: tribunal may order liquidation and appoint an operating agency officer when company is unviable.
If the Tribunal, after inquiry and hearing, concludes a sick industrial company cannot restore net worth, meet obligations, or become viable, it may order the winding up. For winding up the Tribunal may appoint an operating agency officer as liquidator with official liquidator powers, sell assets and direct distribution under the Act, and aim to conclude winding up within one year.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
