https://www.taxtmi.com/caselaws?id=114034 In winding-up proceedings under SICA, the High Court must give due weight to the BIFR opinion, but it cannot treat that opinion as conclusive or abandon its own duty to examine later material. Where the company shows subsequent rehabilitation efforts, settlements with secured creditors, no-dues certificates, and progress under a scheme under section 391 of the Companies Act, 1956, changed circumstances may require a fresh assessment. The matter was therefore remitted for reconsideration in light of the company's improved financial position and alleged clearance of substantial dues. en-us Tue, 02 Dec 2008 00:00:00 +0530 Sat, 22 Nov 2014 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114034 In winding-up proceedings under SICA, the High Court must give due weight to the BIFR opinion, but it cannot treat that opinion as conclusive or abandon its own duty to examine later material. Where the company shows subsequent rehabilitation efforts, settlements with secured creditors, no-dues certificates, and progress under a scheme under section 391 of the Companies Act, 1956, changed circumstances may require a fresh assessment. The matter was therefore remitted for reconsideration in light of the company's improved financial position and alleged clearance of substantial dues. Case-Laws Companies Law Tue, 02 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114034