https://www.taxtmi.com/caselaws?id=105503 An opinion forwarded by the Board for Industrial and Financial Reconstruction under Section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985 is only a relevant factor and does not bind the Company Court. The High Court must independently examine the materials and decide whether winding up is justified under the Companies Act, 1956; the use of "shall" in Section 20(2) does not remove that judicial discretion. The article also notes that a settlement between the parties and a statement that the winding up petition is not pressed would normally support dismissal, but any BIFR recommendation must still be considered together with the settlement before a final decision. 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 An opinion forwarded by the Board for Industrial and Financial Reconstruction under Section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985 is only a relevant factor and does not bind the Company Court. The High Court must independently examine the materials and decide whether winding up is justified under the Companies Act, 1956; the use of "shall" in Section 20(2) does not remove that judicial discretion. The article also notes that a settlement between the parties and a statement that the winding up petition is not pressed would normally support dismissal, but any BIFR recommendation must still be considered together with the settlement before a final decision. Case-Laws Companies Law Sat, 18 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105503