https://www.taxtmi.com/caselaws?id=113828 In a winding up proceeding following a reference under sick industrial company law, the High Court recognised jurisdiction to examine whether a workable revival scheme existed as an alternative to winding up, because revival is distinct from a mere sale of assets. It also held that the proposed global tender had to be aligned with the revival objective and the interests of ex-employees, so the eligibility criteria were restricted to gold-mining experience, the ex-employees' co-operative was given a practical first right of refusal, and the valuation and counter-offer mechanism was adjusted accordingly. The tender process was approved only with these modifications. en-us Fri, 03 Jul 2009 00:00:00 +0530 Sat, 15 Nov 2014 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113828 In a winding up proceeding following a reference under sick industrial company law, the High Court recognised jurisdiction to examine whether a workable revival scheme existed as an alternative to winding up, because revival is distinct from a mere sale of assets. It also held that the proposed global tender had to be aligned with the revival objective and the interests of ex-employees, so the eligibility criteria were restricted to gold-mining experience, the ex-employees' co-operative was given a practical first right of refusal, and the valuation and counter-offer mechanism was adjusted accordingly. The tender process was approved only with these modifications. Case-Laws Companies Law Fri, 03 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113828