https://www.taxtmi.com/caselaws?id=106301 A company may avoid acceptance of a winding-up opinion under the special sick-industrial-company framework where later financial developments show positive net worth and ability to meet liabilities. The Court treated the sale of non-productive assets, settlement of secured creditors, and audited accounts reflecting surplus assets over liabilities as material circumstances, because the statute links sickness to accumulated losses equalling or exceeding net worth and the winding-up assessment must reflect the revival objective. On those facts, the earlier recommendation for winding up was not conclusive, and the matter was disposed of with consequential directions concerning amounts held by the official liquidator. en-us Fri, 26 Apr 2002 00:00:00 +0530 Tue, 13 Mar 2012 16:05:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106301 A company may avoid acceptance of a winding-up opinion under the special sick-industrial-company framework where later financial developments show positive net worth and ability to meet liabilities. The Court treated the sale of non-productive assets, settlement of secured creditors, and audited accounts reflecting surplus assets over liabilities as material circumstances, because the statute links sickness to accumulated losses equalling or exceeding net worth and the winding-up assessment must reflect the revival objective. On those facts, the earlier recommendation for winding up was not conclusive, and the matter was disposed of with consequential directions concerning amounts held by the official liquidator. Case-Laws Companies Law Fri, 26 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106301