https://www.taxtmi.com/caselaws?id=106149 A writ court will not interfere where the statutory board, on the basis of the operating agency's report and relevant material, forms a prima facie view that rehabilitation of a sick industrial company is no longer feasible and that winding up should be considered. Repeated failed revival attempts, lack of essential raw material, and the promoters' unwillingness to fund the further scheme supported the board's conclusion. In the absence of procedural illegality or jurisdictional error, the board's decision to proceed with notice under section 20 was upheld, and no interference was warranted with the recovery demand raised by IPICOL on the facts found. en-us Fri, 23 Oct 1998 00:00:00 +0530 Mon, 12 Mar 2012 18:00:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106149 A writ court will not interfere where the statutory board, on the basis of the operating agency's report and relevant material, forms a prima facie view that rehabilitation of a sick industrial company is no longer feasible and that winding up should be considered. Repeated failed revival attempts, lack of essential raw material, and the promoters' unwillingness to fund the further scheme supported the board's conclusion. In the absence of procedural illegality or jurisdictional error, the board's decision to proceed with notice under section 20 was upheld, and no interference was warranted with the recovery demand raised by IPICOL on the facts found. Case-Laws Companies Law Fri, 23 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106149