https://www.taxtmi.com/caselaws?id=398688 A BIFR recommendation for winding up under the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as non-binding on the Company Court. The court examined the company's audited balance sheet, the Official Liquidator's report, the bank's affidavit showing dues were satisfied, and the absence of creditor or employee claims after notice. It also noted that pending proceedings remained maintainable under the 2016 Transfer of Pending Proceedings Rules. Because the company's financial position had improved, assets exceeded liabilities, and the original basis for winding up no longer existed, the winding up proceedings were dropped. en-us Fri, 24 Jul 2020 00:00:00 +0530 Thu, 28 Oct 2021 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398688 A BIFR recommendation for winding up under the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as non-binding on the Company Court. The court examined the company's audited balance sheet, the Official Liquidator's report, the bank's affidavit showing dues were satisfied, and the absence of creditor or employee claims after notice. It also noted that pending proceedings remained maintainable under the 2016 Transfer of Pending Proceedings Rules. Because the company's financial position had improved, assets exceeded liabilities, and the original basis for winding up no longer existed, the winding up proceedings were dropped. Case-Laws Companies Law Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398688