https://www.taxtmi.com/caselaws?id=106656 A sick industrial company was found unable to revive within a reasonable time after a failed rehabilitation scheme. The record showed non-implementation of major scheme parameters, no meaningful progress towards rehabilitation, and no viable proposal from the company. Creditors and the monitoring agency supported winding up, and the company raised no objection. On those facts, the Board for Industrial and Financial Reconstruction's opinion that the company was unlikely to restore its net worth or become viable in future was accepted, and the company was ordered to be wound up with the Official Liquidator appointed to proceed with liquidation. en-us Mon, 18 Feb 2002 00:00:00 +0530 Thu, 15 Mar 2012 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106656 A sick industrial company was found unable to revive within a reasonable time after a failed rehabilitation scheme. The record showed non-implementation of major scheme parameters, no meaningful progress towards rehabilitation, and no viable proposal from the company. Creditors and the monitoring agency supported winding up, and the company raised no objection. On those facts, the Board for Industrial and Financial Reconstruction's opinion that the company was unlikely to restore its net worth or become viable in future was accepted, and the company was ordered to be wound up with the Official Liquidator appointed to proceed with liquidation. Case-Laws Companies Law Mon, 18 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106656