https://www.taxtmi.com/caselaws?id=216653 A revival scheme for a company in winding up was found no longer viable because the promised settlement payments were repeatedly defaulted, the lender arrangement was breached, and no effective extension or fresh funding materialised. The court treated the prolonged non-compliance and the passage of time as making implementation commercially unrealistic, while continued stay of winding up would prejudice creditors. On that basis, the order recalling the stay was upheld and the winding up process was allowed to continue. en-us Mon, 03 Sep 2012 00:00:00 +0530 Tue, 18 Sep 2012 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216653 A revival scheme for a company in winding up was found no longer viable because the promised settlement payments were repeatedly defaulted, the lender arrangement was breached, and no effective extension or fresh funding materialised. The court treated the prolonged non-compliance and the passage of time as making implementation commercially unrealistic, while continued stay of winding up would prejudice creditors. On that basis, the order recalling the stay was upheld and the winding up process was allowed to continue. Case-Laws Companies Law Mon, 03 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216653