https://www.taxtmi.com/caselaws?id=112967 A genuine revival scheme may be sanctioned in winding-up proceedings without fresh meetings under sections 391 to 394 of the Companies Act, 1956 where shareholders support the proposal and the affected claims have already been judicially considered. A suit for specific performance is not within the stay under section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, but enforcement against company assets after winding up requires leave under section 446. Claims adjudicated by the Official Liquidator may be approved and paid from available funds, and any shortfall can be charged to the residual asset. Where revival is preferred over an auction sale, the purchaser may be compensated by refund and solatium. en-us Thu, 19 Mar 2009 00:00:00 +0530 Fri, 14 Nov 2014 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112967 A genuine revival scheme may be sanctioned in winding-up proceedings without fresh meetings under sections 391 to 394 of the Companies Act, 1956 where shareholders support the proposal and the affected claims have already been judicially considered. A suit for specific performance is not within the stay under section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, but enforcement against company assets after winding up requires leave under section 446. Claims adjudicated by the Official Liquidator may be approved and paid from available funds, and any shortfall can be charged to the residual asset. Where revival is preferred over an auction sale, the purchaser may be compensated by refund and solatium. Case-Laws Companies Law Thu, 19 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112967