https://www.taxtmi.com/caselaws?id=779331 The HC allowed revival of insolvency proceedings and directed transfer to the NCLT for adjudication under the IBC, finding no irreversible steps in the pending winding-up and noting the admitted debt and default. The earlier revival scheme was set aside as unworkable, numerous creditor claims remain unadjudicated, and ongoing preservation costs are depleting the estate. In the interests of a large class of creditors and public interest, the HC exercised its discretionary power under Section 434(1)(c) to proceed with CIRP rather than continue company court winding-up. en-us Wed, 24 Sep 2025 00:00:00 +0530 Sat, 04 Oct 2025 08:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779331 The HC allowed revival of insolvency proceedings and directed transfer to the NCLT for adjudication under the IBC, finding no irreversible steps in the pending winding-up and noting the admitted debt and default. The earlier revival scheme was set aside as unworkable, numerous creditor claims remain unadjudicated, and ongoing preservation costs are depleting the estate. In the interests of a large class of creditors and public interest, the HC exercised its discretionary power under Section 434(1)(c) to proceed with CIRP rather than continue company court winding-up. Case-Laws Companies Law Wed, 24 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779331