https://www.taxtmi.com/caselaws?id=101201 A statutory bar on winding-up proceedings applies while the management of a textile undertaking remains vested in the Central Government, unless its consent is obtained. The phrase "shall lie" was read to cover both fresh and already pending proceedings, because a pre-existing petition can still be kept alive and sustained. Accordingly, filing the winding-up petition before the Act commenced did not avoid the prohibition, and the petition was not maintainable without Central Government consent. en-us Thu, 04 Apr 1985 00:00:00 +0530 Wed, 08 Feb 2012 18:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101201 A statutory bar on winding-up proceedings applies while the management of a textile undertaking remains vested in the Central Government, unless its consent is obtained. The phrase "shall lie" was read to cover both fresh and already pending proceedings, because a pre-existing petition can still be kept alive and sustained. Accordingly, filing the winding-up petition before the Act commenced did not avoid the prohibition, and the petition was not maintainable without Central Government consent. Case-Laws Companies Law Thu, 04 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101201