https://www.taxtmi.com/caselaws?id=106658 Where a sick industrial company is found not likely to achieve viability within a reasonable time and no effective rehabilitation proposal is placed before the Board, the Court may accept the Board's reasoned opinion and direct winding up. Here, the company had no revival plan, the operating agency reported no proposal for rehabilitation, creditors and institutions raised no objection, and the company and its promoters did not contest the winding-up notice or offer a defence. The Board's view that winding up was just, equitable and in the public interest was accepted, and liquidation was ordered with the official liquidator appointed to proceed in accordance with law. en-us Mon, 18 Feb 2002 00:00:00 +0530 Thu, 15 Mar 2012 11:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106658 Where a sick industrial company is found not likely to achieve viability within a reasonable time and no effective rehabilitation proposal is placed before the Board, the Court may accept the Board's reasoned opinion and direct winding up. Here, the company had no revival plan, the operating agency reported no proposal for rehabilitation, creditors and institutions raised no objection, and the company and its promoters did not contest the winding-up notice or offer a defence. The Board's view that winding up was just, equitable and in the public interest was accepted, and liquidation was ordered with the official liquidator appointed to proceed in accordance with law. Case-Laws Companies Law Mon, 18 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106658