https://www.taxtmi.com/caselaws?id=353002 A High Court may accept a winding up recommendation for a sick industrial company where repeated revival opportunities have failed and no viable rehabilitation proposal has been placed before the statutory forum. Pending proceedings under a separate governmental relief scheme do not, by themselves, justify postponing liquidation when the company remains closed, creditors have not accepted settlement terms, and there is no realistic ability to meet secured and statutory dues. On those facts, the earlier view that the company was not viable and that winding up was just, equitable and in public interest was accepted, and the company was ordered to be wound up. en-us Fri, 01 Dec 2017 00:00:00 +0530 Tue, 26 Dec 2017 08:41:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353002 A High Court may accept a winding up recommendation for a sick industrial company where repeated revival opportunities have failed and no viable rehabilitation proposal has been placed before the statutory forum. Pending proceedings under a separate governmental relief scheme do not, by themselves, justify postponing liquidation when the company remains closed, creditors have not accepted settlement terms, and there is no realistic ability to meet secured and statutory dues. On those facts, the earlier view that the company was not viable and that winding up was just, equitable and in public interest was accepted, and the company was ordered to be wound up. Case-Laws Companies Law Fri, 01 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353002