https://www.taxtmi.com/caselaws?id=105248 A mere dispatch of a reference to BIFR does not suspend winding up proceedings unless the reference is duly registered after scrutiny and the statutory process has actually commenced; a pending or unverified reference carries no automatic stay. The Court also noted that the company's debt was admitted, repayment promises were not honoured, and no viable revival or rehabilitation scheme was produced. In those circumstances, the absence of bona fide repayment arrangements and the failure of the company's substratum justified winding up on a just and equitable basis. The petitions succeeded and the company was ordered to be wound up. en-us Thu, 12 Aug 1999 00:00:00 +0530 Sat, 03 Mar 2012 13:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105248 A mere dispatch of a reference to BIFR does not suspend winding up proceedings unless the reference is duly registered after scrutiny and the statutory process has actually commenced; a pending or unverified reference carries no automatic stay. The Court also noted that the company's debt was admitted, repayment promises were not honoured, and no viable revival or rehabilitation scheme was produced. In those circumstances, the absence of bona fide repayment arrangements and the failure of the company's substratum justified winding up on a just and equitable basis. The petitions succeeded and the company was ordered to be wound up. Case-Laws Companies Law Thu, 12 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105248