https://www.taxtmi.com/caselaws?id=752848 A defunct company in liquidation could not rely on long-expired, non-operational mining leases to compel a fresh renewal exercise through a High Powered Committee, especially where no workable financial, technical or managerial plan existed. The court rejected the claim that the leases survived for renewal or transfer purposes, noting that the company's separate existence and the terminated power of attorney did not support continued mining rights. It also held that winding-up powers could not be used at such a late stage to keep mining operations alive for creditors and workers; their claims had to be pursued under the Companies Act, 1956 and other lawful liquidation remedies. en-us Fri, 17 May 2024 00:00:00 +0530 Fri, 17 May 2024 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752848 A defunct company in liquidation could not rely on long-expired, non-operational mining leases to compel a fresh renewal exercise through a High Powered Committee, especially where no workable financial, technical or managerial plan existed. The court rejected the claim that the leases survived for renewal or transfer purposes, noting that the company's separate existence and the terminated power of attorney did not support continued mining rights. It also held that winding-up powers could not be used at such a late stage to keep mining operations alive for creditors and workers; their claims had to be pursued under the Companies Act, 1956 and other lawful liquidation remedies. Case-Laws Companies Law Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752848