https://www.taxtmi.com/caselaws?id=195001 A sick industrial company may be ordered wound up where the Board's opinion that revival is not feasible is supported by the record and remains unchallenged by stakeholders. Here, the Court accepted factual findings that no acceptable revival scheme could be formulated, the company was unlikely to become viable in the foreseeable future, and its net worth could not cover accumulated losses within a reasonable time. On that basis, the company was treated as unable to meet financial obligations or achieve revival, and winding up was directed as just, equitable and in the public interest, with consequential liquidation steps including appointment of the Official Liquidator and safeguarding of assets. en-us Fri, 14 Aug 2015 00:00:00 +0530 Wed, 11 Oct 2017 06:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195001 A sick industrial company may be ordered wound up where the Board's opinion that revival is not feasible is supported by the record and remains unchallenged by stakeholders. Here, the Court accepted factual findings that no acceptable revival scheme could be formulated, the company was unlikely to become viable in the foreseeable future, and its net worth could not cover accumulated losses within a reasonable time. On that basis, the company was treated as unable to meet financial obligations or achieve revival, and winding up was directed as just, equitable and in the public interest, with consequential liquidation steps including appointment of the Official Liquidator and safeguarding of assets. Case-Laws Companies Law Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195001