https://www.taxtmi.com/caselaws?id=112686 A sick company with no viable rehabilitation proposal and no acceptable revival plan pending was directed into winding up after prolonged delay and failure of repeated opportunities to restore its net worth or meet financial obligations. The Court accepted the BIFR recommendation and ordered winding up. On asset control, it refused to let the secured creditor sell the company's assets because centralized administration was required in liquidation; possession was therefore directed to pass to the Official Liquidator, while the creditor retained the ability to establish and protect its charge in the winding-up proceedings. en-us Mon, 20 Oct 2008 00:00:00 +0530 Tue, 25 Nov 2014 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112686 A sick company with no viable rehabilitation proposal and no acceptable revival plan pending was directed into winding up after prolonged delay and failure of repeated opportunities to restore its net worth or meet financial obligations. The Court accepted the BIFR recommendation and ordered winding up. On asset control, it refused to let the secured creditor sell the company's assets because centralized administration was required in liquidation; possession was therefore directed to pass to the Official Liquidator, while the creditor retained the ability to establish and protect its charge in the winding-up proceedings. Case-Laws Companies Law Mon, 20 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112686