https://www.taxtmi.com/caselaws?id=109994 The appeals were allowed, setting aside the Company Judge's rejection of a revival scheme for Shree Niwas Cotton Mills Ltd. The proposed scheme by Somanis, supported by creditors, was sanctioned under the Companies Act. The Court emphasized its supervisory role, approved the scheme modifications, and directed a Rs. 60 crores deposit for workers. Interveners' alternative schemes were dismissed for lack of standing. The Court highlighted the importance of majority approval and commercial wisdom in such matters, ensuring fairness and statutory compliance. en-us Mon, 21 Mar 2005 00:00:00 +0530 Tue, 02 Jan 2018 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109994 The appeals were allowed, setting aside the Company Judge's rejection of a revival scheme for Shree Niwas Cotton Mills Ltd. The proposed scheme by Somanis, supported by creditors, was sanctioned under the Companies Act. The Court emphasized its supervisory role, approved the scheme modifications, and directed a Rs. 60 crores deposit for workers. Interveners' alternative schemes were dismissed for lack of standing. The Court highlighted the importance of majority approval and commercial wisdom in such matters, ensuring fairness and statutory compliance. Case-Laws Companies Law Mon, 21 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109994