https://www.taxtmi.com/caselaws?id=105503 A BIFR opinion recommending winding up under the Sick Industrial Companies (Special Provisions) Act, 1985 is a relevant but non-binding factor for the Company Court. The Court must independently assess whether winding up is justified under the Companies Act, 1956 and cannot treat the statutory wording as removing its judicial discretion. Where the parties have settled, payment has been made in full satisfaction, and the winding-up petition is not pressed, those circumstances support dismissal; however, the BIFR recommendation must also be considered. The winding-up order was set aside and remitted for fresh consideration of both the recommendation and settlement. en-us Sat, 18 Aug 2001 00:00:00 +0530 Mon, 05 Mar 2012 18:25:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105503 A BIFR opinion recommending winding up under the Sick Industrial Companies (Special Provisions) Act, 1985 is a relevant but non-binding factor for the Company Court. The Court must independently assess whether winding up is justified under the Companies Act, 1956 and cannot treat the statutory wording as removing its judicial discretion. Where the parties have settled, payment has been made in full satisfaction, and the winding-up petition is not pressed, those circumstances support dismissal; however, the BIFR recommendation must also be considered. The winding-up order was set aside and remitted for fresh consideration of both the recommendation and settlement. Case-Laws Companies Law Sat, 18 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105503