https://www.taxtmi.com/caselaws?id=104729 Where a sick industrial company's rehabilitation scheme depends on financial assistance, reliefs or concessions from a secured creditor, the creditor's consent is a material statutory requirement, and if consent is not secured the authorities may proceed towards winding up. On the facts, the proposed revival could not be finalised because the secured creditor did not agree to the required concessions or sacrifice, so the winding-up direction was sustained. The secured creditor bank was also held to have locus standi to be impleaded in the writ proceedings because its recovery rights were directly affected and it was not a stranger to the dispute. en-us Tue, 25 Apr 2000 00:00:00 +0530 Thu, 01 Mar 2012 11:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104729 Where a sick industrial company's rehabilitation scheme depends on financial assistance, reliefs or concessions from a secured creditor, the creditor's consent is a material statutory requirement, and if consent is not secured the authorities may proceed towards winding up. On the facts, the proposed revival could not be finalised because the secured creditor did not agree to the required concessions or sacrifice, so the winding-up direction was sustained. The secured creditor bank was also held to have locus standi to be impleaded in the writ proceedings because its recovery rights were directly affected and it was not a stranger to the dispute. Case-Laws Companies Law Tue, 25 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104729