https://www.taxtmi.com/caselaws?id=171066 Pendency of a winding up petition, a winding up order, or appointment of an official liquidator under the Companies Act, 1956 does not by itself bar the Board for Industrial and Financial Reconstruction from entertaining a reference under Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985. The winding up process preserves assets, while the special statute is aimed at revival and rehabilitation of sick industrial companies. Even after liquidation, the board retains residuary powers for the company's benefit, including steps towards rehabilitation, and the reference must be examined once registered with the company heard before a final decision. The reference remained maintainable, and declining jurisdiction was incorrect. en-us Thu, 24 Aug 2000 00:00:00 +0530 Wed, 08 Jul 2015 18:09:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171066 Pendency of a winding up petition, a winding up order, or appointment of an official liquidator under the Companies Act, 1956 does not by itself bar the Board for Industrial and Financial Reconstruction from entertaining a reference under Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985. The winding up process preserves assets, while the special statute is aimed at revival and rehabilitation of sick industrial companies. Even after liquidation, the board retains residuary powers for the company's benefit, including steps towards rehabilitation, and the reference must be examined once registered with the company heard before a final decision. The reference remained maintainable, and declining jurisdiction was incorrect. Case-Laws Companies Law Thu, 24 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171066