https://www.taxtmi.com/caselaws?id=106661 The Court accepted the BIFR's concluded opinion that winding up was justified because the company had already been declared sick, no viable revival proposal had emerged, the promoters were absent from rehabilitation efforts, and the unit had remained closed for years. The lack of objection from secured creditors and other concerned authorities also supported liquidation. On that basis, winding up was ordered and the Official Liquidator was appointed to take charge of the assets and proceed according to law. en-us Mon, 18 Feb 2002 00:00:00 +0530 Thu, 15 Mar 2012 11:42:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106661 The Court accepted the BIFR's concluded opinion that winding up was justified because the company had already been declared sick, no viable revival proposal had emerged, the promoters were absent from rehabilitation efforts, and the unit had remained closed for years. The lack of objection from secured creditors and other concerned authorities also supported liquidation. On that basis, winding up was ordered and the Official Liquidator was appointed to take charge of the assets and proceed according to law. Case-Laws Companies Law Mon, 18 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106661