https://www.taxtmi.com/caselaws?id=213399 Under the sick industrial companies law, abatement follows once secured creditors representing three-fourths in value take measures under the securitisation law; the Board is not required to conduct a fresh independent enquiry into the legality or numerical sufficiency of those measures, and any challenge lies under the securitisation statute itself. The Court also rejected the contention that the reference could be retained for the company's surviving units, holding that the taking over of one unit materially altered the financial position and that a fresh reference on a modified balance sheet was the proper course. The impugned orders were sustained and writ relief was refused. en-us Tue, 01 Mar 2011 00:00:00 +0530 Wed, 06 Feb 2013 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213399 Under the sick industrial companies law, abatement follows once secured creditors representing three-fourths in value take measures under the securitisation law; the Board is not required to conduct a fresh independent enquiry into the legality or numerical sufficiency of those measures, and any challenge lies under the securitisation statute itself. The Court also rejected the contention that the reference could be retained for the company's surviving units, holding that the taking over of one unit materially altered the financial position and that a fresh reference on a modified balance sheet was the proper course. The impugned orders were sustained and writ relief was refused. Case-Laws Companies Law Tue, 01 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213399