https://www.taxtmi.com/caselaws?id=197579 A winding-up order founded on BIFR's earlier opinion could not stand after a later BIFR finding showed that the company's net worth had exceeded its accumulated losses and it had ceased to be a sick industrial company. With the factual basis for the winding-up order gone, the Company Court exercised its procedural and inherent powers to prevent further complications and grant relief in changed circumstances. The earlier order was therefore quashed and set aside, and the company application succeeded on the basis of the subsequent discharge from the sick company regime. en-us Thu, 12 Jul 2007 00:00:00 +0530 Wed, 10 Jan 2018 12:47:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197579 A winding-up order founded on BIFR's earlier opinion could not stand after a later BIFR finding showed that the company's net worth had exceeded its accumulated losses and it had ceased to be a sick industrial company. With the factual basis for the winding-up order gone, the Company Court exercised its procedural and inherent powers to prevent further complications and grant relief in changed circumstances. The earlier order was therefore quashed and set aside, and the company application succeeded on the basis of the subsequent discharge from the sick company regime. Case-Laws Companies Law Thu, 12 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197579