https://www.taxtmi.com/caselaws?id=197312 Revival schemes in winding-up proceedings may be approved where statutory procedure is satisfied, the requisite shareholder and creditor approvals are obtained, and the proposal is bona fide, fair, workable and not contrary to law or public policy. The court may dispense with separate meetings when the relevant stakeholders have already consented and their interests are protected. Where revival is viable, the approach should favour sanction of the scheme over liquidation. On these facts, the meetings were dispensed with, the scheme was sanctioned, and the winding-up order was recalled subject to safeguards for unpaid liabilities, statutory claims and the Official Liquidator's expenses. en-us Thu, 08 Apr 2010 00:00:00 +0530 Tue, 02 Jan 2018 17:43:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197312 Revival schemes in winding-up proceedings may be approved where statutory procedure is satisfied, the requisite shareholder and creditor approvals are obtained, and the proposal is bona fide, fair, workable and not contrary to law or public policy. The court may dispense with separate meetings when the relevant stakeholders have already consented and their interests are protected. Where revival is viable, the approach should favour sanction of the scheme over liquidation. On these facts, the meetings were dispensed with, the scheme was sanctioned, and the winding-up order was recalled subject to safeguards for unpaid liabilities, statutory claims and the Official Liquidator's expenses. Case-Laws Companies Law Thu, 08 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197312