https://www.taxtmi.com/caselaws?id=108213 A winding-up order cannot be sustained merely on receipt of the Board for Industrial and Financial Reconstruction's opinion; the Company Court must still follow the prescribed procedure and independently determine whether it is just and equitable to wind up the company. Here, notices had been issued after the Board's opinion, but no further adjudication was undertaken on the winding-up question. The Board's opinion was not conclusive and could only support continuation of proceedings, not a final order. The winding-up order was set aside and the matter was remitted to the Company Judge for fresh decision in accordance with law. en-us Mon, 09 Jun 2003 00:00:00 +0530 Fri, 30 Mar 2012 15:21:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108213 A winding-up order cannot be sustained merely on receipt of the Board for Industrial and Financial Reconstruction's opinion; the Company Court must still follow the prescribed procedure and independently determine whether it is just and equitable to wind up the company. Here, notices had been issued after the Board's opinion, but no further adjudication was undertaken on the winding-up question. The Board's opinion was not conclusive and could only support continuation of proceedings, not a final order. The winding-up order was set aside and the matter was remitted to the Company Judge for fresh decision in accordance with law. Case-Laws Companies Law Mon, 09 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108213