https://www.taxtmi.com/caselaws?id=460076 Subsequent settlement of secured, statutory and other dues justified recall of the earlier order appointing the Provisional Liquidator and commencing winding-up proceedings. The HC treated the Board for Industrial and Financial Reconstruction's recommendation as non-binding and assessed the matter on the present circumstances, including the absence of continuing prejudice to creditors, workmen or the public interest. As the liabilities had been substantially settled and no useful purpose remained in remitting the matter for reconsideration, the application was allowed and possession of the company was ordered to be restored to its authorised representative after compliance with legal formalities. en-us Thu, 04 Aug 2011 00:00:00 +0530 Fri, 10 Jan 2025 12:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460076 Subsequent settlement of secured, statutory and other dues justified recall of the earlier order appointing the Provisional Liquidator and commencing winding-up proceedings. The HC treated the Board for Industrial and Financial Reconstruction's recommendation as non-binding and assessed the matter on the present circumstances, including the absence of continuing prejudice to creditors, workmen or the public interest. As the liabilities had been substantially settled and no useful purpose remained in remitting the matter for reconsideration, the application was allowed and possession of the company was ordered to be restored to its authorised representative after compliance with legal formalities. Case-Laws Companies Law Thu, 04 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460076