https://www.taxtmi.com/caselaws?id=281061 The Sick Industrial Companies (Special Provisions) Act, 1985 gives the BIFR's winding-up recommendation overriding effect, and once that recommendation is not challenged in the prescribed manner and attains finality, the Company Judge cannot reopen rehabilitation in company proceedings. Section 20(2) is framed in mandatory terms and requires the High Court to proceed with winding up on the basis of the Board's opinion. A later promoter rehabilitation package cannot displace the final statutory recommendation or delay winding up indefinitely, and authorities on ordinary winding-up petitions did not apply to this statutory scheme. en-us Thu, 12 Aug 2010 00:00:00 +0530 Sat, 01 Jun 2019 17:12:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281061 The Sick Industrial Companies (Special Provisions) Act, 1985 gives the BIFR's winding-up recommendation overriding effect, and once that recommendation is not challenged in the prescribed manner and attains finality, the Company Judge cannot reopen rehabilitation in company proceedings. Section 20(2) is framed in mandatory terms and requires the High Court to proceed with winding up on the basis of the Board's opinion. A later promoter rehabilitation package cannot displace the final statutory recommendation or delay winding up indefinitely, and authorities on ordinary winding-up petitions did not apply to this statutory scheme. Case-Laws Companies Law Thu, 12 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281061