https://www.taxtmi.com/caselaws?id=126952 A winding up order may be recalled where the revival proposal is genuine and viable, and where the Court can impose safeguards to protect creditors and claimants. The objection that revival must proceed only through a formal scheme under section 391 of the Companies Act, 1956 was treated as technical on the facts. The Court accepted that settled secured and unsecured claims, prolonged inactivity without lodged claims, and an undertaking to protect future admissible claims justified recall, subject to notice publication and retention of part of the funds in fixed deposit to secure any existing or future claim. en-us Fri, 19 Mar 2010 00:00:00 +0530 Tue, 14 Oct 2014 09:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126952 A winding up order may be recalled where the revival proposal is genuine and viable, and where the Court can impose safeguards to protect creditors and claimants. The objection that revival must proceed only through a formal scheme under section 391 of the Companies Act, 1956 was treated as technical on the facts. The Court accepted that settled secured and unsecured claims, prolonged inactivity without lodged claims, and an undertaking to protect future admissible claims justified recall, subject to notice publication and retention of part of the funds in fixed deposit to secure any existing or future claim. Case-Laws Companies Law Fri, 19 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126952