https://www.taxtmi.com/caselaws?id=197390 Closure permission under labour law is not a condition precedent to winding up a company, because Section 25-O addresses closure of an undertaking while the employer and establishment continue, whereas winding up under the Companies Act brings liquidation and cessation of business by operation of law. The company also satisfied winding-up grounds: it had passed a special resolution, its liabilities substantially exceeded its assets, business had remained suspended for years, debts were undisputed, and the substratum had disappeared. Alleged mismanagement and the motive for winding up did not displace these statutory grounds, and winding up was consistent with creditor and workmen protection. en-us Wed, 05 Sep 1990 00:00:00 +0530 Fri, 05 Jan 2018 12:08:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197390 Closure permission under labour law is not a condition precedent to winding up a company, because Section 25-O addresses closure of an undertaking while the employer and establishment continue, whereas winding up under the Companies Act brings liquidation and cessation of business by operation of law. The company also satisfied winding-up grounds: it had passed a special resolution, its liabilities substantially exceeded its assets, business had remained suspended for years, debts were undisputed, and the substratum had disappeared. Alleged mismanagement and the motive for winding up did not displace these statutory grounds, and winding up was consistent with creditor and workmen protection. Case-Laws Indian Laws Wed, 05 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197390