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of <h1>Winding up petition not halted for sick company under 1985 Act</h1> <h3>20th Century Finance Corpn. Ltd. Versus Partap Rajasthan Special Steels Ltd.</h3> The court ruled that the petition for winding up of the company does not cease due to its classification as a sick industrial company under the Act of ... Winding up – Company when deemed unable to pay its debts The petition under section 434 of the Companies Act, 1956, sought winding up of Partap Rajasthan Special Steels Ltd. due to financial losses. The company was declared a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985. The court held that the company petition proceedings do not abate due to proceedings under the Act of 1985. The petition proceedings were frozen, and the petitioner could seek revival after the Act of 1985 proceedings conclude.
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