https://www.taxtmi.com/caselaws?id=249805 A company under winding up could not be revived at the instance of applicants who failed to prove statutory standing as creditors or contributories, and the Court refused to entertain their applications for stay and convening meetings. The proposed revival schemes were rejected because they lacked a credible financial basis, immediate working capital, and a workable plan to restart operations, making them speculative rather than bona fide. Post-commencement share transfers were also refused validation because transfers made after the commencement of winding up are void unless specifically validated by the Court, and mere possession of share certificates did not cure that bar. en-us Mon, 14 Jul 2014 00:00:00 +0530 Thu, 24 Jul 2014 18:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249805 A company under winding up could not be revived at the instance of applicants who failed to prove statutory standing as creditors or contributories, and the Court refused to entertain their applications for stay and convening meetings. The proposed revival schemes were rejected because they lacked a credible financial basis, immediate working capital, and a workable plan to restart operations, making them speculative rather than bona fide. Post-commencement share transfers were also refused validation because transfers made after the commencement of winding up are void unless specifically validated by the Court, and mere possession of share certificates did not cure that bar. Case-Laws Companies Law Mon, 14 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249805