https://www.taxtmi.com/caselaws?id=104996 A sick industrial company's winding-up reference was sustained where it repeatedly failed to submit a viable rehabilitation plan or comply with the directed deposit for a one-time settlement. The record showed no concrete revival proposal, no likely improvement of net worth within a reasonable time, and no realistic prospect of meeting financial obligations. On those facts, the statutory opinion that winding up was just, equitable, and in the public interest was supported, and the challenge to the BIFR and AAIFR orders failed. The proceedings were directed to culminate in takeover of the company's assets and records by the Official Liquidator. en-us Fri, 29 Oct 1999 00:00:00 +0530 Fri, 02 Mar 2012 11:13:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104996 A sick industrial company's winding-up reference was sustained where it repeatedly failed to submit a viable rehabilitation plan or comply with the directed deposit for a one-time settlement. The record showed no concrete revival proposal, no likely improvement of net worth within a reasonable time, and no realistic prospect of meeting financial obligations. On those facts, the statutory opinion that winding up was just, equitable, and in the public interest was supported, and the challenge to the BIFR and AAIFR orders failed. The proceedings were directed to culminate in takeover of the company's assets and records by the Official Liquidator. Case-Laws Companies Law Fri, 29 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104996