https://www.taxtmi.com/caselaws?id=459769 Before winding up a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1989, the statutory authorities must meaningfully examine rehabilitation and revival proposals and follow the prescribed sequence for considering a viable scheme. Where draft or revised rehabilitation proposals are not properly considered, a winding-up direction cannot be sustained. The decision is also invalid if the company is not given an effective opportunity of hearing, including where notice was sent to a wrong address and no meaningful chance was afforded to present its case. The winding-up order was therefore set aside and the matter remanded for reconsideration of revival in accordance with law. en-us Wed, 31 Mar 2010 00:00:00 +0530 Fri, 27 Dec 2024 13:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459769 Before winding up a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1989, the statutory authorities must meaningfully examine rehabilitation and revival proposals and follow the prescribed sequence for considering a viable scheme. Where draft or revised rehabilitation proposals are not properly considered, a winding-up direction cannot be sustained. The decision is also invalid if the company is not given an effective opportunity of hearing, including where notice was sent to a wrong address and no meaningful chance was afforded to present its case. The winding-up order was therefore set aside and the matter remanded for reconsideration of revival in accordance with law. Case-Laws Companies Law Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459769