TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether the recommendation of the BIFR for winding up of the company under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 was to be accepted.
Analysis: The secured creditors, including the financial corporations and banks, expressed no objection to the winding up. In the absence of opposition from the secured creditors, the recommendation made by the BIFR was accepted.
Conclusion: The recommendation for winding up was accepted and the company was ordered to be wound up.
Final Conclusion: The company was directed to be wound up and the Official Liquidator was appointed to take charge of its records and assets.
Ratio Decidendi: Where the secured creditors do not object, the court may accept the BIFR's recommendation for winding up under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.
TaxTMI 
