https://www.taxtmi.com/caselaws?id=112331 In a winding-up proceeding initiated on a BIFR reference under the Sick Industrial Companies (Special Provisions) Act, 1985, the High Court is not bound by the BIFR opinion as conclusive and must independently assess whether winding up is justified under the Companies Act, 1956. The Court may examine the correctness of the BIFR material at the admission stage, but subsequent events can be considered only after the petition is admitted and advertised in accordance with the Companies (Court) Rules, 1959, so that creditors, contributories and other interested persons may file objections or support. The petition was therefore directed to be admitted and advertised before any final winding-up order. en-us Wed, 03 Oct 2007 00:00:00 +0530 Mon, 22 Dec 2014 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112331 In a winding-up proceeding initiated on a BIFR reference under the Sick Industrial Companies (Special Provisions) Act, 1985, the High Court is not bound by the BIFR opinion as conclusive and must independently assess whether winding up is justified under the Companies Act, 1956. The Court may examine the correctness of the BIFR material at the admission stage, but subsequent events can be considered only after the petition is admitted and advertised in accordance with the Companies (Court) Rules, 1959, so that creditors, contributories and other interested persons may file objections or support. The petition was therefore directed to be admitted and advertised before any final winding-up order. Case-Laws Companies Law Wed, 03 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112331