Winding-up petition pending but no winding-up order means section 15A relief is not maintainable

An application under section 15A of the Industries (Development & Regulation) Act, 1951 is not maintainable while winding-up petitions are merely pending, because a company is not "being wound up" until a winding-up order is actually made. Reading that phrase with the Companies Act, 1956 scheme, the court treated winding up and dissolution as stages that begin only after the order, and held that pending petitions do not by themselves trigger the statutory condition. Section 391(1) supported that distinction, and section 391(6) did not change the result.

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Issues: Whether an application under section 15A of the Industries (Development & Regulation) Act, 1951 is maintainable when winding-up petitions are pending but no order of winding up has been made.

Analysis: The statutory phrase "when a company is being wound up" in section 15A was read with the scheme of the Companies Act, 1956. The provisions dealing with winding up and dissolution indicate that the winding-up process follows the making of a winding-up order, and not the mere filing of a petition. Section 391(1) also distinguishes between a company in winding-up and other stages, showing that pending winding-up petitions do not by themselves mean that the company is being wound up. The reference to section 391(6) did not alter this position.

Conclusion: The application was not maintainable because the company was not yet being wound up within the meaning of section 15A of the Industries (Development & Regulation) Act, 1951.

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