https://www.taxtmi.com/caselaws?id=214987 The Court dismissed the Company Application, finding that the applicants' intent was not to revive the company's business but to exploit its valuable lands. The Court emphasized the importance of public interest, commercial morality, and corporate responsibility in exercising its discretion under Section 466. The Official Liquidator was directed to proceed with the winding-up process and adjudicate the claims of the workers and other creditors. The applicants were allowed to withdraw the deposited amount of Rs. 86 crores with accrued interest, without prejudice to their rights and contentions. en-us Fri, 14 Oct 2011 00:00:00 +0530 Mon, 25 Jun 2012 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214987 The Court dismissed the Company Application, finding that the applicants' intent was not to revive the company's business but to exploit its valuable lands. The Court emphasized the importance of public interest, commercial morality, and corporate responsibility in exercising its discretion under Section 466. The Official Liquidator was directed to proceed with the winding-up process and adjudicate the claims of the workers and other creditors. The applicants were allowed to withdraw the deposited amount of Rs. 86 crores with accrued interest, without prejudice to their rights and contentions. Case-Laws Companies Law Fri, 14 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214987