https://www.taxtmi.com/caselaws?id=99235 Pending a winding-up petition, the High Court may appoint a provisional liquidator with restricted powers and sanction continued operation of the company's business where that is necessary for beneficial winding up. The court accepted that running the plant could preserve the undertaking's value, prevent deterioration, generate funds toward liabilities, and better protect creditors and workmen than leaving the plant idle while compromise schemes were considered. It also held that the company's property could be safeguarded through court custody, supervision, insurance, inventory controls, compensation terms, and return conditions. The company was therefore permitted to continue as a working concern under judicial control pending the scheme petitions. en-us Tue, 05 Aug 1975 00:00:00 +0530 Wed, 25 Jan 2012 16:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99235 Pending a winding-up petition, the High Court may appoint a provisional liquidator with restricted powers and sanction continued operation of the company's business where that is necessary for beneficial winding up. The court accepted that running the plant could preserve the undertaking's value, prevent deterioration, generate funds toward liabilities, and better protect creditors and workmen than leaving the plant idle while compromise schemes were considered. It also held that the company's property could be safeguarded through court custody, supervision, insurance, inventory controls, compensation terms, and return conditions. The company was therefore permitted to continue as a working concern under judicial control pending the scheme petitions. Case-Laws Companies Law Tue, 05 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99235