https://www.taxtmi.com/caselaws?id=112091 A court may refuse to convene meetings of creditors and shareholders under section 391 of the Companies Act, 1956 where the proposed revival scheme is not bona fide or commercially viable and appears only to delay liquidation; the application for meetings was therefore rejected. Where the BIFR had already opined under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 that the company could not be revived within a reasonable time and should be wound up, and the winding up petition had been admitted and advertised with a provisional liquidator appointed, the petition was allowed and the company was ordered to be wound up. en-us Tue, 12 Feb 2008 00:00:00 +0530 Fri, 12 Dec 2014 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112091 A court may refuse to convene meetings of creditors and shareholders under section 391 of the Companies Act, 1956 where the proposed revival scheme is not bona fide or commercially viable and appears only to delay liquidation; the application for meetings was therefore rejected. Where the BIFR had already opined under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 that the company could not be revived within a reasonable time and should be wound up, and the winding up petition had been admitted and advertised with a provisional liquidator appointed, the petition was allowed and the company was ordered to be wound up. Case-Laws Companies Law Tue, 12 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112091