https://www.taxtmi.com/caselaws?id=106565 A sick industrial company was ordered to be wound up after the Board for Industrial and Financial Reconstruction formed the opinion that rehabilitation was not viable under the special statute. The record showed repeated failure to submit a workable revival proposal, continuing non-cooperation, no feasible financing plan, and serious doubts about technical and economic viability. The operating agency reported that the unit remained non-functional and that the promoters were not sufficiently serious or resourceful to restore viability within a reasonable time. The Board's opinion was accepted, liquidation followed, and the Official Liquidator was appointed to take over the assets and accounts in accordance with law. en-us Wed, 12 Dec 2001 00:00:00 +0530 Wed, 14 Mar 2012 17:28:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106565 A sick industrial company was ordered to be wound up after the Board for Industrial and Financial Reconstruction formed the opinion that rehabilitation was not viable under the special statute. The record showed repeated failure to submit a workable revival proposal, continuing non-cooperation, no feasible financing plan, and serious doubts about technical and economic viability. The operating agency reported that the unit remained non-functional and that the promoters were not sufficiently serious or resourceful to restore viability within a reasonable time. The Board's opinion was accepted, liquidation followed, and the Official Liquidator was appointed to take over the assets and accounts in accordance with law. Case-Laws Companies Law Wed, 12 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106565