https://www.taxtmi.com/caselaws?id=108351 A High Court noted that, in a winding-up reference under the Sick Industrial Companies (Special Provisions) Act, 1985, the Board must assess whether the sick company can improve its net worth within a reasonable time, is likely to become viable, and whether winding up is just and equitable on the full record. The court emphasised that repeated rehabilitation attempts, long pendency, failure of revival schemes, mounting secured creditor dues, and the absence of a viable finance-backed proposal are relevant to that assessment. It also stated that continued operation and payment of workers' wages cannot by themselves justify indefinite delay in creditor recovery. On the material considered, the opinions recommending winding up were treated as free from illegality or arbitrariness. en-us Wed, 15 Jan 2003 00:00:00 +0530 Sat, 31 Mar 2012 12:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108351 A High Court noted that, in a winding-up reference under the Sick Industrial Companies (Special Provisions) Act, 1985, the Board must assess whether the sick company can improve its net worth within a reasonable time, is likely to become viable, and whether winding up is just and equitable on the full record. The court emphasised that repeated rehabilitation attempts, long pendency, failure of revival schemes, mounting secured creditor dues, and the absence of a viable finance-backed proposal are relevant to that assessment. It also stated that continued operation and payment of workers' wages cannot by themselves justify indefinite delay in creditor recovery. On the material considered, the opinions recommending winding up were treated as free from illegality or arbitrariness. Case-Laws Companies Law Wed, 15 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108351