https://www.taxtmi.com/caselaws?id=198563 A sick industrial company with no viable revival proposal and a failed rehabilitation scheme was treated as having lost its substratum, making it liable to winding up in principle. Instead of immediate liquidation, the court appointed a provisional liquidator as an interim measure. The court also harmonised secured creditor enforcement under SARFAESI with winding up law, holding that the secured creditor could stand outside winding up and realise its security interest, subject to disclosure of charges, valuation, sale supervision, and protection of workmen's dues through the company court and official liquidator. en-us Fri, 17 Oct 2008 00:00:00 +0530 Sat, 03 Feb 2018 09:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198563 A sick industrial company with no viable revival proposal and a failed rehabilitation scheme was treated as having lost its substratum, making it liable to winding up in principle. Instead of immediate liquidation, the court appointed a provisional liquidator as an interim measure. The court also harmonised secured creditor enforcement under SARFAESI with winding up law, holding that the secured creditor could stand outside winding up and realise its security interest, subject to disclosure of charges, valuation, sale supervision, and protection of workmen's dues through the company court and official liquidator. Case-Laws Companies Law Fri, 17 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198563